All you need is a brush-up and a bit of water on the back of the neck, all better

As mentioned previously, the dog-whistle portion of the recently concluded G20 meetings included laying the groundwork and pre-financing for the UK's inevitable crawl to the IMF pay window. This update brings the situation into clearer focus. While the writing is yet to be on the wall, rest assured the paint is indeed being prepared:

The G20 agreed this week to establish a new scheme, controlled by the IMF, which countries of all backgrounds can go to if they are experiencing financial problems.

That coincided with a concerted push by British ministers to argue that there would no longer be any stigma attached to asking for cash.

The previous Labour Government's bail-out by the IMF in 1976 was seen as a national humiliation and helped sweep the party from power for 18 years.

A senior Cabinet minister said, however, that the new fund would not be like the 1970s version and should not be seen as such. He said there would be nothing wrong if America or Britain used the facility.

He said: "Previously a country would only go if they were in a very bad state. It was a bit like going to accident and emergency to get urgent help.

"This new facility will not be like that. It is a bit more like getting wellbeing care or even like going to a spa to recuperate."

One difference of course is a visit to the spa usually does not end in tears and misery. As to the shame of the forthcoming situation, the indefatigable Tim Worstall delivers the prescient verdict with trademark élan.