Writes Ambrose Evans-Pritchard: “The eurozone is tipping into a deeper downturn than America itself despite the tremors in the US mortgage industry, and may already be in full recession for the first time since the launch of the single currency.

“Industrial production for the EMU bloc fell 1.9pc in May, according to fresh Eurostat data. It is the sharpest one-month decline for the region since the exchange rate crisis in 1992. Officials in Berlin have warned that Germany’s economy could contract by as much as 1.5pc in the second quarter as export orders crumble.

“Industrial output in both Italy and Greece has slumped 6.6pc over the past year. Portugal is off 6.2pc. ‘It is a very ugly picture: we’re on maximum alert,’ said Emma Marcegaglia, head of Italy’s business federation Confindustria.

“Rome is now lobbying for a ‘New Deal’ to revive Italy’s economy through massive infrastructure projects.”

Of course, the New Deal didn’t revive the American economy, which didn’t recover until 1946. But FDR’s Mussolini-based fascist plan did enrich his the State and those associated with it. In any event, read the rest of Ambrose’s article, and thanks to Robert Hiett.