Ambrose Evans-Pritchard's grasp of the dire state of the global economy never fails to make a dismal and depressing read to cheer me up, and his current column in the Telegraph is a corker. All that Osborne's tsunami of QE has achieved, it seems, is to have made the obscenely wealthy even richer and sent the Gini coefficient soaring. Everyone else is struggling with static incomes but increasing outgoings - a condition that suits the political-corporate class very nicely, as a population concentrating on keeping its head above water doesn't have much time for riotous behaviour. Until things reach a tipping point.
Post-war politicians have had it easy, with continuous economic growth modulated only by the business cycle, and since the business cycle and electoral cycles are at differing frequencies each party has had a Buggin's turn of good and bad. But what if zero to low economic growth is the norm? What if, like in the century before the Black Death, wages remain at the same levels for 150 years? Where are the technological changes that drive economic growth? (no, a new model of iPad really doesn't count unless it flies alongside you and you can have an intelligent conversation with it).
Our grandchildren may have to learn to live in a very different economic world.