Sadly, there is nothing in the early autumn air to suggest that the economic crisis is over. Things still look wobbly, messy and somewhat depressing. There is, moreover, one thing to note: a striking sort of unity among Western governments. None of them knows what to do. All are following the great Micawber’s principle: hoping that something will turn up.

And governments are making things worse by sticking obsessively to their austerity programmes, says Bill Emmott, former editor of The Economist


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