I told you so. Obama right and Europe wrong about way out of Great Recession

UK and US have outperformed eurozone for same reason they did better in 1930s: they have made fewer macro-economic blunders

I told you so. Barack Obama is too schooled in the niceties of diplomacy to put it as bluntly. But he would be well within his rights to utter those four words when he sits around the table with Angela Merkel at the G20 summit next week.

Back in 2010, when the half-yearly gatherings of developed and developing countries were in their infancy, the G20 met in Toronto. Up until this point, the summits had shown a welcome unity, with all nations committed to the goal of avoiding a second Great Depression.