Wolfgang Munchau: Abandon All Hope.....

"While Wolfgang Munchau's latest comment for the Financial Times, "An L of a recession – reform is the way out," fell short of being apocalyptic, it was the gloomiest piece I can recall coming from him. Munchau argues that the world is going into what is politely referred to as an L shaped recession, but he sees it as a full blown, Japan style recession. Why? Because governments lack the will to take the painful steps necessary to forestall even more painful outcomes."