The state of things at the global level bear out ominous turns of events. Good politics has the capacity to clear up the mess left by bad economics. But will it? Two seminal events took place this year. One of them is Brexit.
Since 1971, there have been seven times when the pound sterling fell 15 per cent or more against the US dollar in the space of 6 months. Brexit hit hard a few exporting firms. The euro has been having a rough ride ever since it was introduced.