Germany's Angela Merkel exudes an atmosphere of elderly exhaustion and pooped-out pessimism. Britain's David Cameron, though by nature exuberant, feels he has to look and sound glum. And France's leader, Francois Hollande, seems determined to drive every successful businessman out of the country.

Long periods of recession, which tend to be self-perpetuating, are usually ended by war, or by preparations for it.

A capitalist economy hums when leading businessmen are bubbling with animal spirits and are prepared to sink their money into risky ventures.

Paul Johnson Quotes