None of this misery should entitle Britons to much Schadenfreude; indeed, it will intensify our own recession. But we can at least afford ourselves a grim smile over the fact that this crisis is not ours alone. And we should thank the Lord that we stayed outside the euro. This is precisely the moment when free-floating independent currencies and interest rates come into their own. The nasty dose of medicine doled out to the patient is starting to work.
Alarming and discomforting as it is to see the Bank of England pledging to start the printing presses, or to watch the pound slide by more than a quarter, these are precisely the factors that will ensure Britain's recession is less intense than that experienced by other countries. The only worry is that the freeze in world trade leads to a full-blown slide into protectionism, but that is a horror story for another day.