Today, the UK economy is in a lot better shape. Growth of 3.2% in the year to July - the strongest in the G10 - and the fears that to hold off on rate rises would create potential for dangerous bubbles in credit markets have been enough to move the votes of Martin Weale and Ian McCafferty to vote for a 25bps increase.
The extent to which the UK and most of the rest of the Western world are currently mismanaging our economies clearly has a huge financial cost. In the longer term, however, the political cost will be even greater than the economic price - unless we see radical changes in policy. The failure of the West to deliver a reasonable economic performance - combined with the related problem of widespread inability to get difficult decisions taken - has led an increasingly large number of people across the world to consider whether more authoritarian of running modern diversified economies might work better than those based on liberal democracy.