When discussing the state of the economy, politicians deploy two key tricks. First, get your excuses in early. Second, take all the credit for any good news but blame others for any bad news.

David Cameron has used both devices when he warns that “red warning lights are flashing on the dashboard of the global economy” with the UK’s fragile recovery threatened by external forces, most notably: the euro-zone crisis; a slowdown of growth in the emerging markets; and geopolitical tensions. So, is the prime minister’s intervention good economics or just good politics?

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