I am with you when you argue in your main leader that “the worst thing for the world economy would be to assume that the worst is over” (“A Glimmer of Hope?” April 25, 2009). As you point out, between 1929 and 1932 the American stock exchange rallied four times only to fall back below the previous lows. The world economy is on life-support at the moment, and it would be a mistake to confuse a few signs of life with a lasting recovery. I am also with you when you argue that “the worst is over only in the narrowest sense that the pace of global decline has peaked.” The world economy is still in decline, that is, but it is now declining at a declining rate. The bottom is still some way off. Now, will such caution make any difference in stock exchanges around the world? I doubt it. Chances are that the current depression will in time be remembered by an even greater number of false starts than its predecessor. For it is likely to last even longer, if for no other reason than because of the cumbersome life-support now in place. Put differently, your caution is liable to need repeating more than four times in a row.