The global recovery is looking poorly. Britain may catch more than a cold“Cecily,you will read your Political Economy in my absence, orders Miss Prism in The Importance of Being Earnest. “The chapter on the Fall of the Rupee you may omit. It is somewhat too sensational.”Oscar Wilde should possess stuck around to read the business pages of a recent newspaper: they get the Indian rupee leer like a steel girder. Take the headlines by the close of trade in the City today. Iron ore plunges to a 10-year low. Mining giant Glencore has another shocking day on the stock market. When Wall Street opens at lunchtime, or every single company on the Dow Jones slumps. Copper,that main indicator of the state of the world economy, continues to drift lower and lower. And the cost of a barrel of Brent Crude oil has dropped so low that you can buy one, or should you wish,for approximately the same amount as a pair of kids’ roller skates.
Continue reading...
Source: theguardian.com