James Saft, Reuters Columnist
James Saft's columns feature twice weekly in the International Herald Tribune and widely elsewhere. Before beginning his column, he directed all global coverage of economics and financial markets for five years at Reuters. His column won a Best in Business award in 2008 from the Society of American Business Editors and Writers. Before that he was global investment editor and chief correspondent, London capital markets. He has covered mortgage banking for American Banker before the term "subprime" was coined and syndicated lending for Reuters LPC in both London and New York.
Here is a short recipe: Take a weakening service sector, contracting corporate profits and capital expenditure, add a Federal Reserve rate hike and stand well back.
Initial public offerings are getting riskier and riskier, with increased volatility in earnings and share prices.
It may be time to question our common faith that the only natural and acceptable path is growth: for population, for prices and for the economy itself.