Bearish battalions

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should they invest? They may still see exports as a source of economic growth, but that works only for some firms in individual countries, not for those in the world as a whole.

So the market’s sorrows have come in battalions, not single spies. Investors might have coped with the credit crunch if it were not for the high commodity prices, and vice versa. They do not know whether to fear inflation or recession more, but they know that both at once will be unpleasant.

It looks like a lengthy period of gloom is in store for the stockmarkets. Meanwhile, the best investors can do is hope, Micawber-like, that something will turn up. A collapse in oil prices would help.