The coming storm

When does a stock-market slide become a crash? And when does a financial crash spark an economic crisis? At the end of last year, few investors were giving much thought to such nice distinctions. Less than two months into 2016, with the leading global equity indices having dropped between 10 and 25 per cent at their worst, these questions are on everyone’s lips.

In my latest article in the New Statesman, I discuss why I think we are entering a precarious period for both markets and monetary policy.

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