, Columnist
A $20 Trillion Wealth Transfer Is Happening Under Our Noses
Global wealth has been diverted to clean up after catastrophes.
Photographer: Ali Matin/AFP/Getty Images
Economist Paul Samuelson’s famous joke that the stock market has predicted nine of the past five recessions applies to strategists, economists and day traders as much as it does to the stock market. Few economic phenomena are as closely watched and feared as recessions.
Which makes it remarkable that the world is experiencing an economic upheaval on par with the Great Recession with few people noticing.