This is the final morning call of 2016. Normal service will resume on Tuesday, 3 January 2017.
This year has been interesting, and 2017 promises to be just as exciting. The world is not facing a new normal – with past traits continuing in a modified and less prosperous form. The world faces the new abnormal, where past normalities provide little guidance to the future.
In 2017, we should consider whether politics really matters (short term not so much, long term yes); where trade is going (protectionism, changing models of trade, capital for labor substitution); pressures on the dollar (we save in dollars and spend in euros – and spending should rise); and why inflation matters (it is more visible, but still a local issue).
I would like to take this opportunity to wish everyone as prosperous a 2017 as circumstances will allow. And to those who have tuned in to the comment over the course of 2016, thank you for listening.