In 2015, a sense of unease and foreboding seemed to settle on all the world’s major power centres. From Beijing to Washington, Berlin to BrasÃlia, Moscow to Tokyo ”” governments, media and citizens were jumpy and embattled.
This kind of globalised anxiety is unusual. For the past 30 years and more, there has been at least one world power that was bullishly optimistic. In the late 1980s the Japanese were still enjoying a decades-long boom ”” and confidently buying up assets all over the world. In the 1990s America basked in victory in the cold war and a long economic expansion. In the early 2000s the EU was in a buoyant mood, launching a single currency and nearly doubling its membership. And for most of the past decade, the growing political and economic power of China has inspired respect all over the world.
Yet at the moment all the big players seem uncertain ”” even fearful. The only partial exception that I came across this year was India, where the business and political elite still seemed buoyed by the reformist zeal of prime minister Narendra Modi.
Militant Islam is on the march and I think a lot of folks who pay attention to such things realize that the fiat currency system is not going to last much longer.