The economic downturn does not stop for breath. Financial and business decisions are made which circulate the world in an instant. Each loss of confidence, spreads its own momentum. So the answer for some politicians is to seek to re-establish growth (and hence confidence) via measures such as interest rate cuts, tax cuts, co-ordination and Bretton Woods-style regulations.
But they have a job on their hands. Not least because free media outlets also have their own worldwide momentum. They feel obliged to probe and undermine each fresh statistic or other piece of news, even if their new concern is diametrically opposed to what they argued yesterday.
So when our dangerously high rate of inflation falls back somewhat mainly due to a fall in petrol prices, then we are presented with the danger of our moving into a form of deflation on the style of inter-war years. This "news" will probably sap financial and business confidence even further and help bring about just what the media is "predicting".
So does this mean that I favour a State controlled media? No, but it would help if we had commentators with a mixture of intelligent and individually consistent outlooks. Instead, we find that Rudyard Kipling, Stanley Baldwin and John Lloyd were near the mark in seeing the mainline press (et al) as "exercising power without responsibility - the prerogative of the harlot throughout the ages."