By George Friedman
Global markets fell yesterday. I read numerous stories about them falling and the consensus was that the decline is due to concerns of low oil prices and fears of Chinese economic weakness. That seems reasonable until you ask a second question – why yesterday? The Chinese economy has been declining for years and oil for at least a year. So why did the markets take so long to start falling and why did they panic yesterday?
The second question that comes to mind is what difference does it make? It makes a difference to me if I make or lose money, but to be honest I don’t much care about others. But there appears to be a great social significance to the movement of financial markets that transcends the interests of individuals like me. So if the first question is why yesterday, then the second question is so what?
I am not about to try to predict the stock market. But it is useful to consider its role in the general scheme of things and perhaps try to a