We have two covers this week. In most of our editions we look at the real forces behind recent turmoil in the financial markets. Gyrations in silver prices and shares like GameStop have focused attention on the daytraders who are lining up to take on financial professionals. Some warn darkly that the way prices have lost touch with reality presages a crash. But that glosses over what is really going on. Information technology is being used to make trading free, shift information flows and catalyse new business models, transforming how markets work. And, despite the tumult, this promises to bring big long-term benefits. In our African and European edition we warn how covid-19 could affect Africa. In the years before the pandemic sub-Saharan Africans were some of the world’s most optimistic people. When covid-19 first struck, a lot of pundits thought Africans might be spared the worst, because so many are young or work on the land. Yet it now looks as if the virus will leave more lasting scars in Africa than elsewhere. Whereas rich countries can hope for a rapid economic rebound as they vaccinate their people, Africa is years away from jabbing enough to achieve herd immunity. African economies will be burdened by debt. Repeated waves of infection will disrupt the schooling of millions. The educational and demographic trends that were among Africa’s best reasons to be hopeful are under threat. |