Even now, as we speak, 153 august trade ministers from the nations of the World Trade Organization are gathered in Geneva to chant the ancient spells for warding off economic disaster. Beware of beggar thy neighbour (Woooo). Firmly resist protectionism in all its forms (Woooo). Canada's own Ed Fast will join a lively "anti-protectionism" news conference.

This is the time-honoured response to crises: hoary phrases meant to inject wisdom gained from earlier crises. It's the economic equivalent of fighting the last war to avoid thinking about the one now raging. No, wait: it's more like droning a few clichés about the last war to avoid thinking about it too.