“Look at it this way. In 100 years, who’s gonna care ?”
- Nancy, waitress, in ‘The Terminator’ (screenplay by James Cameron and Gale Ann Hurd).
Imagine that a cyborg from 10 years into the future paid you a visit back in 2007. Here is what is going to happen, he says, in a thick Austrian accent, his body looking like a condom stuffed with walnuts. After deregulation and a gaudy credit boom, Wall Street will face an extinction level event. So will the City of London. As a result, interest rates will be driven down to zero and kept there for a decade as a “temporary” emergency measure. The UK will vote to leave the European Union. Donald Trump will be elected US President. On the basis of these facts alone, what do you think would happen to global stock markets ? Would they be higher, or lower – and perhaps much lower ?