It’s the beginning of a strong economic recovery. Just ask the folks at Intel. The chip producer is smiling because companies “have some breathing room in the economy and their budgets”, as chief executive Paul Otellini put it on Tuesday. Or maybe it’s the end of a weak recovery. Tom Albanese, the boss of miner Rio Tinto, subsequently noted “fears about a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth”.
The poor are teaching the rich a lesson. It used to be that the world’s less developed nations were the problem children — giving plutocrats too much power while running irresponsibly large budget deficits and failing to overcome deep internal imbalances. Now, rich countries look like the new poor.