We also knew that the underlying rate of growth in the economy was weak to non-existent.

BBC: UK GDP: A nasty surprise and a puzzle

Although members of the Federal Open Market Committee profess to be unconcerned about a stockmarket fall the last few have left not the merest dent in economic growth they are now trying to talk down a (they claim non-existent) stockmarket bubble without ruining the underlying economy in America or elsewhere.

ECONOMIST: Hurdle rates

Midway through 2012, the Russian economy is growing at a reasonable pace, foreign debt is almost non-existent, the budget is, for the moment, roughly in balance, and the opposition is still fragmented and leaderless.

FORBES: Russia's Economy is Still Growing Faster than Every EU Country