Thus the Financial Times today. “German growth fails to halt contraction in euro area,” the newspaper adds. Recession? It is amazing how resilient financial newspapers have become. Depression is the term they eschew with all their might. Has it been relegated to history? Or is it reserved for the economic downturn in which Germany, too, joins the widespread eurozone recession? This must be it, I reckon. Let us be patient. Let us wait for a few more quarters, that is. When it comes to depression, patience is of the essence.