Ignore the ghost of deflation past
First published in the Financial Times, 11 October.
One of the most eloquent warnings comes from Stephen King of HSBC. He notes that the German recovery has more or less stopped and Japan is still in the doldrums. In the US and the UK, the slump in equities and the overhang of excess capacity from the recent equity boom make for gloomy capital spending prospects .
This leaves us with the Anglo
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