At last the chickens have come home to roost. The so-called advanced economies, in International Monetary Fund phraseology, are in danger of going into prolonged recession. The IMF World Economic Outlook April 2012 does not say so explicitly but certainly implies it. The WEO April 2012 Figure 2.4 carries the following explanation to the charts. “Europe tipped back into recession, resulting from renewed escalation of perceived euro area crisis risks in late 2011. The aggregate masks gr