In Germany the harsh winter has conveyed dramatic warning of how nasty life will become as it proceeds with its extreme Energiewende policy to rely on renewables to meet its electricity needs.

The first thing most people look at when considering an investment is the annual rate of return they expect to be able to make out of it. Return is the “rent” you enjoy as payment for investing your capital rather than going out and spending it, and also the “reward” for the risk you take.

Those of us who have been around long enough know something about booms and busts (I was lucky enough to choose to exit the dotcom mania on the day the market peaked). So, is this the right time to flee the share markets? Not yet. I agree with Eoin Treacy that although “there is clear evidence a mania is evolving… there is no evidence it has reached its peak.”

Crossing a main street in a Vietnamese city is unnerving. As you follow the tourist guide advice, ignoring traffic risk as you step out, boldly striding forward at a steady pace, you are engulfed by a torrent of motorcycles. They swerve as they sweep past you, never touching you.

The pandemic has devastated government finances around the world. Savage shutdowns have destroyed millions of businesses and crippled many more, pushing them into debt to survive.