The Big Picture

How Hungry Is the Bear?

The sell-off in US stock markets is starting to give the rest of the world the jitters. If investors are finally beginning to accept what economists have been saying about US economic policy under Donald Trump, and what world leaders have been saying about the international order, a more profound reckoning may be at hand.

 Traders work on the floor of the New York Stock Exchange Spencer Platt/Getty Images
A trader wearing a 'Dow 25,000' hat Drew Angerer/Getty Images
The headquarters of the European Central Bank Thomas Lohnes/Getty Images;

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