It’s almost embarrassing to have to spell it out, but quite dramatic events have been taking place. Thanks to the Covid-19 pandemic, the global economy in 2020 suffered its deepest recession since the Second World War, and is currently experiencing its strongest rebound since the same date. West Texas Intermediate crude briefly changed hands for minus $40.32 a barrel last April. The same month, a 10th of the U.S. labor force lost their jobs. In December, the pile of debt trading at negative yields climbed above $18 trillion.