In praise of patience

Kicking the can down the road might seem cowardly, but it could be just what the global economy needs to get back on its feet, according to Jonathan Wilmot, Credit Suisse’s chief global strategist.

For all the low points of the past few years, the global outlook has rarely been as bleak as it is today. Pessimists see a political crisis in the US, a fiscal crisis in the EU and a simmering social crisis in China, any one of which could destabilise global markets at a time when governments have few tools left to intervene with.

The gloom is already affecting business. European banks are reporting dire second-quarter results and there is not much good news to offset fears, short-term solutions aside. In Europe, Greece remains afloat for now, but nobody expects a quick fix to resolve the underlying problems. In the...

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