Crisis-hit banks are acting out a shameful piece of theatre
Things are going downhill so rapidly that we need to look at changes day to day, not year to year.
Things are going downhill so rapidly that we need to look at changes day to day, not year to year.
In economic analysis, it is normal to compare year-on-year figures in order to draw some inference about what is happening to the economy. Every day we hear experts saying that new car sales are down 42 per cent since last year, or unemployment is up 47 per cent since last September, or whatever.
The central underpinning for...
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