The MH-17 tragedy could mark a pivotal moment in the worst crisis between Russia and the West since the Cold War.
Geopolitical risk is extremely high and yet it is not appreciated by experts and the majority of the public . The same was true in 1914.
With the U.S. seeking to impose tough new sanctions on Russia, we appear to be on the verge of a new and more intense phase of currency wars and indeed of an economic war.
Very few thought that the assassination of Archduke Ferdinand would be a spark that ignited the brutal war that was World War I and the attendant economic depression. Indeed, as the Financial Times front page from the day after the assassination shows, stock markets were “scarcely affected by the assassination of the heir to the Austrian throne... there's no evidence that stock holders took fright."