Global financial markets are back to near-record highs. Did we learn nothing from this month’s mini-crash?
So, what was all that about?
A fortnight ago, fear that global finance was on the eve of destruction caused a wave of panic as traders from New York to Tokyo battled one another in a race to exit financial markets.
Three potentially lethal storms of doubt collided, convincing many that a new global financial crisis was upon us.
In short order, they were that the world was on the cusp of recession, stocks were horribly overvalued and, once again, an obscure trading strategy had suddenly come unstuck, threatening to unravel the cord binding currency, money and stock markets.
But it ended as quickly as it started and, in the nanosecond attention span of finance, now is but a distant memory.
