“I have this gnawing feeling about the future of America. When people lose the sense of optimism, things tend to get more volatile. The future I most fear for America is Latin American: a grossly unequal society that is prone to wild swings from populism to ­orthodoxy, which makes sensible government increasingly hard to imagine. Look at the Tea Party. People think it came from nowhere. While I don’t agree with their remedies, most Tea Party members are middle-class Americans who have been suffering silently for years.”

- Nobel Prize-winning economist Michael Spence, quoted in Ed Luce's outstanding FT Magazine article yesterday on the crisis [...]