The Bogey of Fiscal Stimulus

A bogey and two doubles on the front nine dug the Spaniard and the Swede into a hole they never got close to climbing out of.

Moliwood were the only pair not to shoot a bogey on Saturday afternoon, but they also avoided bogeys on Saturday morning, Friday afternoon and the back nine on Friday morning.

Under a flat line export scenario, with no rise in US exports, and if everything else remains the same (always a heroic assumption), overall real GDP growth would converge on that 1.4 bogey. That is a weak growth trajectory by any standard likely to result in rising unemployment and further deterioration in consumer confidence.