The Bank of England says it is going to eschew raising interest rates until a recovery that doesn’t exist is better established.

Ambrose Evans-Pritchard asks if Italy is about to join a deflation club that isn’t apparent on the ground.

And Mario Draghi has cut interest rates further still to encourage lending by capital that took flight from the eurozone six weeks ago.

Based on this global economic and fiscal ‘experts’ are living (respectively) in the future, a dream, or the past.

Somehow, they have left Now, and inhabit different Time continuums.

Or maybe they are just killing Time in the hope of banishing the inevitable.

Earlier at The Slog: sign the 38 Degrees anti-gagging petition