Mr King tells his audience that it is lurches in this see-saw which produce damage - as manufacturing and agricultural businesses know only too well, and as domestically-oriented businesses saw in the early 1990s.
He says ''At present domestic demand is up and external demand is down. One way or another the imbalances in the world economy will be corrected. That is likely to go hand in hand with changes in exchange rates and other asset prices. Whether this will happen gradually or through a sharp adjustment is impossible to know. But those changes will have a major influence on the speed at which the economic see-saw in the UK will move back to balance.