A high school ball arranged by a risk adverse Basel Committee could only result in “managed depression”.

Sir, Martin Wolf writes about the economy being in “An extraordinary state of ‘managed depression’”, October 10.

Of course, how could it be otherwise?

Imagine an elderly principal of a high school arranging a ball for its students applying exclusively the principle of avoiding risks. That is the ball the Basel Committee for Banking Supervision with their sissy risk-aversion, decided our economies should have. 

Why is it so hard for commentators like Martin Wolf to understand that secular stagnation, deflation, mediocre economy, unemployment, underemployment, managed depression and all similar obnoxious creatures, are all direct descendants of risk aversion?

Stop the waltzes! Let us urgently call in Savoy Brown to play our economy some boogies! It sure needs it!