The idea that we have a debt and deficit problem is patently false.

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For example, believing that driving the country into default on its debt is good for all may be false, but it is not delusional.

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Anyone who closely follows the unfolding European sovereign debt crisis should have noticed that both premises are false.

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This debt crisis is, like the last one, a false alarm.

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Events on Sunday seemed to underline his point, when fans of two of the most heavily debt-laden clubs - Roma and Lazio - forced the referee to abandon the Rome derby after a false rumour that a child had been killed by police.

BBC: AC Milan football club