Three Billion People in Asia and Africa are going to turn Middle Class in the next 20 Years
The World feels especially scary lately. There has been mayhem in the Middle East, Russia seems on the verge of Becoming a rogue state, violence in Central America is driving children to make the harrowing trek to the U.S. border, and much of Asia is bickering over Pacific islands and political dominance.
Global politics are rarely this unstable.
Global Financial markets, by contrast, are sanguine. The U.S. Stock market had been at Record highs until most recently, and markets in most of the rest of the World aren't far behind. Investors are willing to buy the bonds of Financially challenged companies and countries at Record low interest rates. Global commodity prices and most currencies, including the U.S. Dollar, are steady.
This disconnect between geopolitics and Economics isn't new. Historically, chaos overseas has mattered little to the U.S. Economy and Financial markets. Barely a ripple was caused by the Soviet Union's invasions of Hungary and Czechoslovakia during the Cold War, or by numerous Israeli-Arab conflicts, or even by the Korean and Vietnam wars. The only obvious exception was the 1973 Arab oil embargo, which caused Global oil prices to spike and the Economy to tank.
The current round of Global troubles appears even less threatening to the Economy. This stems partly from the aggressive policies of the Federal Reserve and other central banks. With short-term interest rates at zero, investors seeking higher returns are enticed to accept or overlook the risks to their Stocks and bonds.
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