But a long war (or a longer phoney war) could undermine growth and asset prices.

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Now, however, the period of something like a phoney war is drawing to an end.

ECONOMIST: Britain: The end of the phoney war | The

At present, he is sending daily updates on the 1939 "phoney war", how the Dutch are preparing for a German invasion and on the Finno-Soviet border talks.

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Today's phoney war could quickly turn into a real dogfight.

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Tony's going, and the phoney war will be over.

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LDP, since 1955 and shows more similarities with its pre-war feudal system than with any western democracy, no one dares call this phoney a phoney.

ECONOMIST: Letters

Many who took part in the Cold War have argued that it was a genuine, high-risk conflict, rather than a "phoney" conflict.

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