Stumbling stock markets: the toils of perversity

The steep and synchronised falls in the world’s main stock markets on Monday, August 24, 2015 caught investors by surprise.  Yet in light of the disappointing economic fundamentals of the past few years, the real question is perhaps not why markets stumbled but why asset prices were so high in the first place.

The answer to that question is simple – but ultimately paradoxical.  You can read what it is in my latest Real Money column in the New Statesman.