Let’s put puerile personality politics aside. So what if, on any of his ill-advised attempts to smile, Gordon Brown looks like a slightly creepy ventriloquist’s dummy – with the public speaking skills to match. What really matters amid the David Miliband takeover rumours is if Brown is up to the job of steering us through this historic period of economic turbulence.

So would an HR director recruit him as prime minister on the basis of his past performance as chancellor? That, for me, is where things get complicated. A closer look at Brown’s behaviour during the Blair years reveals a catch-22 situation.

On the one hand, if we buy into his reputation as the “iron chancellor” – whose policies put an end to the boom and bust cycle with prolonged and sustained growth – we must surely also believe that someone so knowledgeable about the economy’s direction would have somehow foreseen this crisis. After all, commentators have been warning for at least two years about the dangers of ever-expanding property and personal debt bubbles – and that their explosions were imminent.

And even if – Northern Rock aside – you believe our present situation has been largely inspired by events in the US, surely someone with Brown’s supposed economic nous could have put in place policies to mitigate their effects?

On the other hand, believing that he didn’t see it coming undermines his former reputation and leaves you wondering if he really is the person to steer us through the tough times ahead.

Maybe no one, as Brown would argue, could have foretold just how profound and unprecedented the downturn would be when it hit. Or maybe he was happy to let the good times roll – and for Labour to take the credit while hoping the impending crunch would somehow disappear.

The undermining of Brown’s credibility as chancellor, and ultimately as prime minister, is a shame as he and his party have been responsible for progressive policies that have improved the working lives of many – for example, paternity rights and the national minimum wage. Unfortunately, none of this will matter when Britain next goes to the polls – because when it comes to general elections, it’s always the economy, stupid.