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CONTRIBUTORS

Francis A. Scotland

Director of Global Macro Research,
Brandywine Global

Preview

Waiting for the next shock?

The world is flooded with confusion and change. The S&P 500 Index and the U.S. economy have defied consensus pessimism this year. Investment hype surrounding artificial intelligence (AI) has gone manic. Europe’s war keeps escalating. The Wagner Group’s revolt could be a sign of even more instability. Climate change anxiety has been ramped up by the Canadian forest fires. The Organization of the Petroleum Exporting Countries (OPEC) has tried twice this year to support oil prices and failed. China’s reopening has been underwhelming. The U.S. is facing massive budget deficits as far as the eye can see and a contentious presidential election race. The free market era of Thatcher/Reagan-ism has given way to populist political tribalism, big government, and industrial policies. No wonder the multi-polar world is edging out the status quo and trying to dump the U.S. dollar.

Definitions

The Organization of the Petroleum Exporting Countries Plus (OPEC+) is a loosely affiliated entity consisting of the 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting nations. OPEC+ aims to regulate the supply of oil in order to set the price on the world market.

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