There has been no post on the macro-economy in more than a year for the simple reason that there has been little upon which to comment. As we have long argued, growth in the developed world is going to be slow at best. And so it has proved to be true. The outlook for the

As this space previously anticipated, 2012 produced disruptions, dislocations and crises in a slow growth world. China slowed as it changed its leadership in a totally opaque manner. India slowed, amid the usual chaos and corruption, but with citizens demanding improvement. The European Union endures its slow-motion public debt crisis, the result of indecision coupled with

As we have long noted, the world faces a prolonged period of disruption and dislocation. The best we can expect is slow growth and volatile financial markets. Too many countries have too many problems that will take time to address. That presumes that these problems are being addressed, and largely speaking they are not. China’s