The Phaserl


How Central Banks Buy Growth

by Raúl Ilargi Meijer,

The best of the lot must be the Daily Telegraph’s headline: Economy firing on all cylinders as growth hits 0.6%. I mean, how does one trump that? Looks like they need to install extra cylinders just to grow 1%. I must admit I also really liked the claim that the UK economy will receive a £250 million boost from the Royal Baby™. Yes, in the United Magic Kingdom solid GDP growth can apparently come from the sale of millions of cups and plates and trinkets from one Brit to another, even if most are produced in China. All you need to do is get British citizens to spend £10 for a royal mugshot and we’re on our way to recovery. Why don’t they all just crash into each other’s cars at 100 miles an hour, that’s even much better for GDP.

The wish for growth must be a continuing strong incentive for many, because all over Europe there are claims that one country or another (France, Spain) have left the recession behind them. One green shoot and people think they’re lost in a rainforest. S&P does not agree:

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