In the long term, Brown's view of the world looks distinctly Panglossian. Nothing in yesterday's summit suggested that the fundamental problem - imbalances in the global economy - is being tackled. Indeed, German and Japan, the countries suffering most in the global downturn, are those that need the strongest growth in domestic demand. Economic policy is now exceptionally loose: if the stimulus is removed too soon there will be a double-dip recession; if central banks and finance ministries wait too long there will be a dangerous burst of inflation.
In the long run we will all be dead or computers will save us. In the medium term a burst of significant inflation will occur. If that is the case, on a personal this would be a time to buy a house on as low a fixed mortgage rate as possible and see the mortgage inflate away in a few years.