It’s only the first official workday of 2016, and already the year is off to a very rocky start.
In the Middle East, tensions are high because Saudi Arabia — where Sunni Muslims predominate — recently executed a prominent Shiite Muslim cleric, Sheikh Nimr al-Nimr, for terrorism-related offenses. That angered Iran, the Shiite power in the region, with protesters in Tehran setting fire to part of the Saudi embassy there. Saudi Arabia has now given Iran two days to withdraw its diplomats from the Kingdom. So, in a Middle East that is already aboil because of ISIS, fighting in Syria and Iraq, and the ongoing Israeli-Palestinian disputes, we layer on a conflict between Saudi Arabia, the money power and home to Islam’s most holy sites, and Iran, the revolutionary religious state that has long sought to be the leading Muslim power in the area. And that dispute will not only increase the political turmoil in the region, it also might affect the world’s oil markets, which have been plunging recently.
But that’s not all. In China today, stocks tumbled 7 percent, triggering a premature end to trading. It’s not entirely clear why China’s markets have plunged — China’s economy is a black box, and many of China’s economic decisions seem the product of manipulation, rather than the workings of the law of supply and demand — but signs point to the fact that the Chinese economy is headed for the rocks. Given the size of the Chinese economy, that’s bad news for the rest of the economically interdependent world that seems to be teetering on the brink of another recession, and other Asian stock markets also fell today. We’ll see whether European and American markets follow suit.
So, even more contentiousness in the war-torn, terrorism-addled Middle East powder keg, and bad signs from one of the world’s largest economies and a principal engine of growth in recent years. What about America? Oh, yeah — it’s a presidential election year, which means we’ve got a lame duck President, and according to the polls the two currently leading candidates to replace him are a blow-dried bumptious buffoon and a dissembling also-ran who couldn’t comply with basic email security rules. And we’ve got months, and months, and months of electioneering and campaign commercials in our future, too.
You know, 2015 really wasn’t that bad.