The crises are different, but the cause is the same
The frequency of financial crises in the era of globalisation means the next crisis is always around the corner. While there are many candidates for the driver’s seat, ranging from deflation to the geopolitical, you can be sure that debt will be on board.
The sudden collapse of the crude oil price, down 45 per cent from early in the year, has produced a flood of analysis on its implications.
The vast majority of these have focused on supply and demand factors and concluded, not surprisingly, that the big winners will be global consumers. Naturally this will be at the expense of producers.
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