Letter from the Middle East: Green shoots of recovery
Having a party? Enjoy it while it lasts. Why do I say this? Anything we do now is reading tealeaves searching frantically for any sign the pimps the figures up. Because that’s what we are used to today. Indices and opinions based on extremely cherry-picked data. Let me widen your angle a bit. The economic crisis we are going to is the result of almost half a century of misguided policies. 2008 was actually the last gasp. Our economies are Potemkin villages. Any export-dependent economy will falter when the bubble pops. And with them the need for commodities.