There's something bewildering about the headlines zinging around the world  last night, announcing that the IMF is warning of a '"angoras new phase" for the global economy -- and that is that it is as close as you could get to a news story of zero new content. It has a purity to it, a zen emptiness, it is a black hole. The gist? The recovery from 2008 may not have in fact occurred, there is no real growth to speak of in the global economy.

People above and below me in this edition will be analysing the minutiae of that announcement, but it's worth stopping to look at it in a simpler fashion. The plain fact is, outside of Australia, the IMF announcement is not news because no one in the West ever believed the contrary. Does anyone in Britain, the US, or the wreck of southern Europe believe that there was a recovery? Can this person be found and interviewed on television? That offer does not include anyone from the Con-Lib government, because their protestations are even less than everyone in the street, trying to cheer themselves up.