Could China Cause the Double Dip?

When I need an impartial warts 'n' all view of the global economic situation I find myself visiting Ambrose Pritchard's column in London's Daily Telegraph.

He's not afraid of saying some deeply unpopular things about the future of the global economy.

What's more he seems to be privy to top rank discussions about monetary policy and when he isn't or he gets it wrong he seems prepared to admit it.

His latest column warns against the risk posed by China of a double-dip recession.

"China is still exporting overcapacity to the rest of us on a grand scale, with deflationary consequences," he writes. China, having spent much of its $600billion "stimulus package" on more plant and infrastructure, is not changing its ways. "Credit has exploded...it has become absurd," he writes.

Pritchard is not the only one who's been saying that there's nothing underpinning this so-called global economic recovery, but he does have a way of spelling it out in thoroughly unequivocal terms which I like.