Those who don’t remember history are doomed to repeat it

The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression.

And says Robert Reich, former US labor secretary, "The economy is still in the gravitational pull of the Great Recession. All the booster rockets for getting us beyond it are failing."

The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP.