Daily Note- Divergence

Train tracksSummary

The Middle East: Europe toothless
Eurozone: European markets begin to underperform
United Kingdom: Indicators flashing red for retail sales

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Good morning,

One geographical fact that was crucial to twentieth century history: America, flanked on both coasts by the world’s two greatest oceans and bordered by relatively unthreatening neighbours, is virtually immune from military invasion.

Europe couldn’t be more different. Timothy Snyder called his history of the lands between Russia and Germany “Bloodlands” for good reason.

The end result of geopolitical conflict in Europe has always been the relative strengthening of the United States. America emerged from the First World War as the world’s greatest creditor and from the Second the only truly global superpower. Britain, and in hindsight, the Soviet Union, were only regional powers.

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Global Macro-Daily Note 22nd July 2014

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