Not a horror writer, but certainly an insightful commentator on some economic horror stories, the Group Chief Economist and Global Head of Economics and Asset Allocation at HSBC Bank plc gave the assembled ABFA Conference delegates plenty to think about.

In a keynote entitled, “Emerging Elation, Western Stagnation”, Stephen drew on the contrasts between economies and explained the complex relationships between debt, inflation and the relative strength of recovery in East / West economies.

The menu options facing us were interesting:

On the one hand the theological option (praying for recovery), austerity or doing nothing and on the other shifting the burden from debtors to creditors, default and printing money to devalue the currency. His conclusion that we are in for “The economy of debt but the politics of envy” is hard to dispute. To grow old gracefully or withdraw from globalisation is indeed a very sobering thought.