I get FNBs economists newsletters which can be pretty interesting. I found today's column particularly interesting, particularly this,
andWe may have to redefine what will actually shock global consumers and producers into restraint. It used to be easy to shock. Today, is there a kind of immunity, as television audiences take in more mayhem than ever before while steadily plowing through their crisps, beers and other indulgences?
The most interesting thing about this is what it says about society as a whole. "Reality" TV has blunted the way we perceive things shown on television (so has all the propoganda!).Can we still get fundamentally shocked, sufficiently so to have growth snuffed out? The global growth process is very robust at present, the central banks merely expressing interest in taming this tiger rather than shooting it.
As he asks, how big a shock would have to happen to knock the growth process and global economic confidence? And if that happens, how big will the fall be?
And probably most importantly, what can we do now to protect ourselves when it happens?