Ships of State Captained by Fools

The New Year will be contentious and turbulent economically, politically and militarily. Not since the 1930s and 1970s have we had such an array of floundering and feckless leaders in so many key countries. Southern Europe's recession is deepening, thanks to higher taxes and a refusal to make pro-growth structural reforms. France is determined to show that it can be even more irresponsible than Greece regarding taxation. Germany, like France, is also sliding into recession. Japan is already there.

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