For the UK, many predict a protracted recession and dismal underperformance relative to the big eurozone economies now that high finance is redundant. The winners in this downturn, so a common argument runs, will be high-saving countries with current account surpluses and big foreign exchange reserves.

This view sits oddly with the latest quarterly figures for Japanese and German gross domestic product, which are horrific. Also relevant here is the annual threat assessment of the US intelligence community unveiled last week by Admiral Dennis Blair.

This makes the case that recessions are a relative game and that historically the US has proved more adroit at responding to them than most because the US tradition of openness, developed skills and mobility put the country in a better position to reinvent itself relative to its competitors.