One of the pearls of wisdom I’ve gleaned from five years as a journalist covering the legal market is that no one - not even the senior partners of international law firms - really understands what makes the economy go up or down.
They pretend to do so in public, of course, pontificating to conference audiences on likely economic scenarios “going forward”, and putting their names to five year action plans based on carefully-calculated projections. But it’s all for show.
When you get these people speaking off-the-record after a few beers, the scary reality of their cluelessness starts to emerge. If there’s a common belief among them, it’s that, at the end of the day, the economy is all about confidence.