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Crisis watch

If we really want to find a way out of the financial crisis, we need a lot more crunchiness

By Jonathan Ford   May 2009

A continuing absence of crunchiness

The stock market seems to have decided that the worst is over. Share prices have rocketed since their lows in early March. The bears are puzzled and discouraged. Whisper it softly, say the bulls, but the odd green shoot is to be seen. It’s a nice thought. But does it really reflect much more than the need to end the psychologically crushing barrage of bad news?

Of course, amid the welter of economic indicators, it is hard to tell exactly where we are in this crisis. But by one important measure we are not…

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