The nub of this past week's market volatility is that workers in the western world are going to be paid more for their labour. With economic growth already feeding into inflationary pressures in those geographies, the prospect that citizens will receive higher wage growth has markets in a tailspin. It's clearly a case of good news being bad. You'd think that after years of low wage growth across those parts of the globe, a rise in household earnings would be good, and only further cement the idea that the worst of the 2008 crisis is well and truly over. That just perhaps the good old days of a world when General Motors built gas-guzzling monstrous vehicles such as the Hummer for mass consumption were on their way back. The thought of a better dollar or euro wage means an even quicker end to the era of cheap money. It's been a lucrative era for investors, since never before have their portfolios reacted as bullishly after a global recession as they have after the last one triggered b...

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