Martin Wolf writing in the FT of 26 November has defined Canutian economics;
“Policymakers around the world – particularly in the inordinately complacent surplus countries – do not begin to understand what this may mean.”
I don’t really care what the psychologically of the complacency is, it exists and will cause further pain.
It is instructive to see Martin Wolf turn less bearish, but as all liquidity has deserted the markets getting in and more importantly out is difficult. I will await the New Year to dip my toe back in the water.
