Europe's mistake was not so much to bet on the internet boom as to bet on the mobile boom' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest rates are a powerful weapon.
It might seem bizarre that a decision by a few people in Washington should reverberate round the world' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The export industries of east Asia are uniquely exposed to the 'tech wreck' in America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . We have not had such an overblown bubble here, but we will still be hurt if America crash-lands' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thanks to this rate cut and those to come, the downturn will look more like a V than a U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The UK will be a 'safe haven in a risky world' during any downswing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .