Accelerators, Multipliers...and Recessions

On top of all that, the OECD (Organisation for Economic Co-Operation and Development) index on UK consumer confidence is at its lowest level since records began in 1974. The malaise has sent politicians of all parties scrambling for air time. The most surprising comment was from Ed Balls who, as Brown's economic adviser and co-author of the lofty tome "Reforming Britain's Economic and Financial Policy Towards Greater Economic Stability" (H M Treasury 2002), was an architect of the Prime Minister's new order that supposedly banished boom and bust. Balls said "this is a financial crisis m...