Calling time

Once criticised for doom-mongering, the mainstream media now seems to be queuing up to call time on the economic downturn. Two weeks ago there were reports that both France and Germany had emerged from recession, having turned around their negative trajectory and recorded (modest) growth in the second quarter. Japan soon followed in the footsteps of these continental trail blazers, and some analysts are now even intimating that the US, leader on the way down, may not be too far behind