THIS year's market losses reflect rising prices and falling demand. But that's not all.
Investors are also grappling with an unsettling feeling that they are now buffeted by an entirely new and perplexing set of economic, financial and political forces.
Much of the current market turmoil rests on a desperate longing for a return to "normal" and few signs we will get there soon. Inflation may actually linger higher for longer. Growth may remain sluggish.
And the headlines from Russia, China and the Middle East leave everyone feeling unprepared for the geopolitical tensions ahead.
Economically, the biggest changes may come to trade patterns.
The pandemic shock forced companies to run higher inventories...