Hi DemSounds like bad news.But here's the thing about bad news, and you did mention psychology - it gets prioritised over good news by the human mind. All to do with our most basic instincts for survival and getting away from situations that might, shall we say, be incompatible with that not unreasonable goal.Loss aversion is the better known behavioural economic manifestation of this phenomenon (puts thesaurus back on shelf). Which is simply to say that, given the choice, we will want a greater reward than loss for any given gamble. IIRC 50/50 outcomes require an almost 2:1 win/loss ratio to be accepted. I.e. most people when offered a £100 loss on heads will need a £200 gain if tails comes up to accept the wager. This changes with the amounts but the principle remains.So when the papers, and posts by G3, list all the reasons why pretty much everything is going to get worse then it might be worth bearing loss aversion in mind and sneaking some money into the game. After all it is a book that I think you yourself reccomended to me that summarises quite well what has actually happened in markets, at least up until now - I refer of course to 'Triumph of the Optimists'!I could go on to try to counter your specific points by talking about Global labour pools etc but that would be to dilute the main message ;-)lfc
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