Thus The Financial Times today. “Geneva report points at ‘poisonous’ mix of debt and slow growth,” elaborates the newspaper. This comes from the sixteenth annual Geneva report commissioned by the International Center for Monetary and Banking Studies before the International Monetary Fund’s annual meeting in Washington, DC. It is written by a panel of senior economists, whatever that means. The rising debt concerns mainly the public sector in rich countries and private debt in poor ones. The build-up of debt tends to kill growth, too. Rising of interest rates at this time would be perilous, the report warns. All in all, the picture the report paints is indeed gloomy. The only surprise, or rather incongruity, is that the global crisis is depicted as “looming.” In fact, the global financial crisis of 2008 is only continuing after a few bumps in a few places. The world is not facing but bearing a global depression. The sad thing is that even the senior economists have neither the brains to spot it nor the guts to call it by its proper name. Let us hope that the seventeenth annual Geneva report will be written by a more sagacious and audacious team of economists, no matter whether senior or junior.