Last summer around this time, I did an interview with Ulf Lindahl, the CEO of currency manager AG Bisset. At the time there was growing concern that the unwinding of the unprecedented corporate debt bubble created over the past decade could cause a sharp economic downturn.

He put forth a novel idea: global tourism might be at the centre of the storm when it struck. “Everyone goes on vacation”, he said, “but it’s also the thing that you can cut back on quickly — unlike your car or your phone.”

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