Wow! If you add Obama spin to Brown spin you get quite a movement. Between them their spin machines helped lift world markets and get people talking of green shoots of recovery.
Now the spin machine has moved on. The spin was just for the summit. They leave investors with their losses and companies struggling for orders. The reality is that the underlying economies are still mired in recession. The UK industrial output figures have just got a lot worse. Why would you expect anything else? The huge monetary stimulus from lower interest rates was administered around one year too late. It did not start until the autumn of last year. You should not expect any great results from it for at least a year from its commencement.
The Obama machine has gone into overdrive both to tell us the US wants to be friends with Muslims,and to tell us he admires US soldiers fighting in the Middle East. In his honeymoon with the European media he can probably get away with that sort of thing. The Darling spin machine has started to tell us maybe we are overdoing the borrowing. Even Mr Brown seems to have backed down this morning, and agreed with his Bank Governor and Chancellor that pumping up the deficit more as a result of new policy action would not be a smart move. Let’s be grateful for small mercies.