IF you look only at the global economy, and what leading forecasters think it will do in 2016, things look to be in a reasonably solid state. The world economy will grow 3.4 per cent this year, economists at the International Monetary Fund projected this week, up from 3.1 per cent in 2015. Private sector forecasters mostly have similar expectations.
If you look only at global financial markets, it's "Aaack, Run for the Hills! The Sky is Falling!" That is to say, global stock, bond and especially commodity markets have, in the first three weeks of the year, swung in ways that suggest this is a perilous time. Their volatility and direction are consistent with the prospect of a new crisis or global...
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