The headlines in the last couple of days are about economic gloom abating and business confidence rising.

Don't be fooled. The disease is much more fundamental.

Professor Simon Johnson of MIT (who used to be the IMF's Chief Economist in 2007 adn 2008) has published an article that does not so much echo my position as it puts the position much more thoroughly and elegantly.

The piece, entitled "The Quiet Coup" is at http://www.theatlantic.com/doc/200905/imf-advice

I occasionally follow Professor Johnson's blog but I am not a subsciber to The Atlantic: many thanks, therefore, to my friend Friedrich Christian Haas for drawing my attention to this article.

Professor Prabhu Guptara