This ‘underappreciated’ black swan could bring fresh chaos to the global economy

Stock futures are inching higher at the start of the week as investors seemingly cling to newfound optimism that a bond rout is ending, and the Fed’s rate-hike plans will get pruned due to a global slowdown.

Of course, that’s amid growing discontent around the world from high commodity prices that have driven up food prices, crimped U.S. summer driving plans and left some poorer countries in total crisis. “The real world where companies sell their products isn’t looking too special for H2,” writes OANDA’s Jeffrey Halley. 

That brings us...