BlackRock says we’re all doomed. It’s being optimistic.
by James Meadway The working assumption, for governments and central banks across the world, is that at some point soon everything will get back to ‘normal’—our economies will return to either pre-pandemic or, sometimes, even pre-2008 crash levels. These beliefs are reinforced by media economics commentary and across political parties. But what if they’re wrong? The world’s largest asset manager, overseeing $10trn in assets across the globe, thinks we are, instead, entering a period of increased risk and uncertainty, defined by unavoidable recession and much higher inflation. BlackRock—a well-connected, influential and hugely profitable pillar of global capitalism—made the predictions in its ‘2023 Global Investment Outlook’ …
Read moreBlackRock says we’re all doomed. It’s being optimistic.