SEOUL – The commodity super-cycle – in which commodity prices reach ever-higher highs, and fall only to higher lows – is not over. Despite the euphoria around shale gas – indeed, despite weak global growth – commodity prices have risen by as much as 150% in the aftermath of the financial crisis.
首尔—超级商品周期——商品价格创出历史新高，且回调高于前低——还没有结束。尽管页岩气让人振奋不已，尽管全球增长萎靡不振，商品价格在金融危机后仍上涨了150%。从中期看，这一趋势将维持下去，造成全球通胀风险和生活水平下降。