Nine days ago I posted this blog, pondering therein about what’s likely to happen next in the Great Global Takeaway. The first point I made was to do with economic reality and inflation in the US, which had been running at 4%. It’s now 5.4%…..the biggest jump since 1991.

I noted in turn that new UK Health Secretary Javid had pledged that ‘all draconian restrictive measures would be lifted on 19th of July’. It’s the 15th today, and already that promise has been diluted.

The post talked about sovereign debt realities. Three days ago, Deutsche Bank warned that booming Covid debts, a relaxed attitude to heavy borrowing and a complacent view that interest rates will never rise would lead the world into a new economic crisis. Rather like a lush warning about the dangers of alcohol, but still a compelling analysis.

Finally, I suggested that Biden would put…