This material is whizzing around the web – an exchange of letters in the Times from way back in 1932 between John Maynard Keynes and Friedrich Hayek on how best to respond to huge economic problems.

The clarity of their respective arguments is striking.

I go with Hayek, who warns against ever-expanding government debt whose effect is to bring in manifold ‘frictions and obstacles’ to recovery – and sooner or later is to throttle private investment.