Uh-oh. We must really be in trouble. The Organisation for Economic Co-operation and Development (OECD) has singled out Britain’s economy for especially gloomy treatment in its latest six-monthly take on the world economy.

When I look at the policies that central banks are adopting today, everywhere, I see an inflationary epidemic that is feeding on itself and confirming the bull market in gold.

Ben Bernanke’s testimony yesterday in front of congress is being taken by Wall Street as a signal that the Fed is prepared to continue to lower interest rates.

According to Bloomberg, traders now see a one-in-five chance of a half-point reduction in the benchmark rate, to 1.75 percent, at the April 29-30 Fed meeting.

Bernanke told congress yesterday that the Fed is “ready to respond to whatever situation evolves,” and referred to “considerable stress” in markets.