When there was just a financial crisis, the problem was runs on banks. Now there is a real economy crisis, and the problem is runs on everything. The global economy is stalling and even low expectations are being dashed. Investors are now loath to hold anything. Currency trauma in Europe mean that part of the crisis’ real legacy may be a bigger euro area.

Economic activity across the world, everywhere from the US to China, has fallen back. In the UK, data released this week showed that gross domestic product fell by 0.5 per cent in the third quarter. This fall was much bigger than anticipated – but worse may follow. By any sensible definition, the UK is already in a recession. In the eurozone, recent surveys of puchasing managers suggest that the recession will be quite severe.