Nothing, it seems, can dent the almost inexplicable optimism coursing through financial markets. 

Where once, years ago, stock markets would shudder, tumble and spend the best part of a decade recovering from a recession or some other economic calamity, recovery time is now measured in mere months and sometimes weeks, if they bother to react at all.

Just step back a little and look at recent events.

We have heard dire predictions of a global recession from the International Monetary Fund, the Reserve Bank deputy openly expressing fears of a “nightmare scenario”, and the global energy body warning of the worst crisis in history.

While markets initially…