The last G20 meeting did not save the world. The last time one did so, it entailed nationalising or supporting large banks.

Since inception, the euro area has been an accident in waiting. Moreover, it was at a turning point in the cycle that the initial skid was always likely to occur.

This has not been a good year for President Obama. His opinion poll ratings have fallen as worries about entrenched unemployment have risen.

Encouraging people to save is seldom easy, least of all when inflation is eating into the purchasing power of capital and returns.

Despite the Greeks managing to avoid ‘blowing up' their parliament for the time being, one wonders who will be next in the firing line. Enter Italy, stage left.

ASSET ALLOCATION

ON JAPAN

ON EUROPE

ON ASSET ALLOCATION

ON UK GROWTH