Opinion today: Fixing the roof

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When it comes to how we should greet news of the OECD's improved forecasts for global economic growth, Martin Wolf is clear. In this week's column he writes that while relief is legitimate, complacency definitely is not.

The OECD's latest Economic Outlook forecasts 3.6 per cent global growth this year, up from 3.1 per cent in 2016. Growth is forecast to reach 3.7 per cent in 2018, close to the 1990-2007 average. But threats to global recovery remain, and Martin argues we should follow the John F Kennedy maxim: “the time to repair the roof is when the sun is shining.”

Mountains of both corporate and household debt need to be hacked back, he suggests, or we risk manageable debt becoming unmanageable if interest rates rise — this could lead to a repeat of the financial crisis that hit the world economy after 2008. As Martin says, we should by now recognise the signs in time to head off what he calls a potential "second wave" crisis. You have been warned.

The limited power of US voters: Courtney Weaver explains why the sexual misconduct allegations against Roy Moore and fellow lawmakers are unlikely to scupper their careers

High tech innovations in car crime: Izabella Kaminsky explains how after years of lagging behind security protection, criminals have finally adapted to the new digital frontier.

Parliament kept in the dark: MPs may only offered a vote on a skeleton post-Brexit deal with no say as to the substance of the UK's future relationship with the EU, writes Nick Clegg

Best of the rest

The Tories are playing a dangerous game with the Union, writes Alex Massie in the Spectator

Brussels, ease up on Theresa May, writes Fabian Zuleeg of the European Policy Centre for Politico

Why France's Napoleonic exam system is broken by Pascal-Emmanuel Gobry for Bloomberg

What is at stake in the fight over CFPB by Gillian B White

What you've been saying

Horse-trading on citizens’ rights continues — letter from Jane Golding, Chair, British in Europe, Berlin, Germany and Nicolas Hatton, Chair, the3million

"While we appreciate the high quality of the FT’s Brexit reporting, it is disappointing to see it accepting the EU and UK line that they are in “touching distance” of “shoring up” the rights of EU nationals living in the UK, and UK nationals living on the continent. As representatives of the 4.5m people who will have to live with whatever compromise is negotiated on our behalf we strongly disagree that a deal is in sight. Not only has Brexit secretary David Davis failed to respond to our requests to meet us on numerous occasions, but both sides are still engaged in horse-trading over our futures, while pretending otherwise."

Comment from International Economist/Observer on Amy Kazmin's story, The Taj Mahal is caught in a tug of war over Indian identity

"It's possible both to denounce fundamentalism of any kind (Hindu, Muslim, Christian, Jewish, etc.) and advocate tolerance, while also noting that in India's history there was persecution of Hindus during the Muslim period. Still, people from the two religions lived and worked together for centuries. Each time it looked as though Islam could be swallowed up in the Hindu melting pot, there was a strong reaction — as when Aurangzeb (Shah Jahan's son) took over and killed his brother (Dara Shikoh) who was much influenced by Hindu philosophy. Again, in 1760, when it looked as though the Hindu Marathas could rule India, the Rohilla (Muslim, Afghan) leader Najib called on Ahmad Shah of Afghanistan to invade India."

Uber exemplifies the Tragedy of the Commons — letter from Tad Borek in San Francisco, CA

"Uber has been a textbook example of Garrett Hardin’s tragedy in its home market. Within driving distance of San Francisco are millions of potential drivers. The city is a hub of tourism and business travel, so always has people who want to be hauled around. And of course, traffic capacity is limited on both the urban-core streets and the bridges leading here. The result is overgrazed roads with the anticipated tragic outcomes: inadequate driver wages from oversupply, which results in high turnover and lower driver quality; and negative externalities such as traffic congestion and increased air pollution."

Today's opinion

FT View: Blocking a Brexit divorce deal is a high-stakes game It is in everyone’s interests to help Theresa May keep the show on the road

 Low-tech solutions to high-tech car theft Criminals are becoming more digitally savvy and Britain’s crime rates are rising

 Roy Moore scandal shows the limits of electoral accountability US lawmakers who can weather allegations of misconduct tend to survive the next vote

 The sun is shining over the global economy Now that a recovery is under way, an effort needs to be made to deleverage economies

 Skeleton Brexit deal risks leaving parliament in the dark It will be hard to challenge an agreement rich in rhetoric but sparse in substance

 Instant Insight: Theresa May’s Brexit strategy risks fracturing the United Kingdom The PM must bring all the nations in the union with her, writes Sebastian Payne

 Free Lunch: The rethinking of economics and how to use it The profession is adrift, but it is a constructive sort of drift

 Opinion today: Farewell Uncle Sam, hello Uncle Donald Countries that over the past seven decades or so came to rely on US protection and leadership are now finding that friendship only goes so far

FT View

FT View: Blocking a Brexit divorce deal is a high-stakes game It is in everyone’s interests to help Theresa May keep the show on the road

The Big Read

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