the world economy -- has been enjoying a not-too-hot, not-toocold 4-per-cent plus growth rate over the past four years thanks to steady prices”, robust U.S. growth and the new wealth experienced by emerging markets countries. However the Journal goes on to identify the three growling bears that are threatening to spoil the fairy tale.
Mama Bear is the “increasing energy insecurity, a beast spawned by rising oil prices but made more dangerous by escalating political risk afflicting almost all the major producers: Iran, Iraq, Nigeria, Venezuela, Russia and Saudi Arabia. Papa Bear comes in the form of deflating housing prices in several countries.