By Alan Kohler
Publication Date: 2025-12-21 18:00:00
As we limp dejectedly toward the end of another year, it is hard to escape the conclusion that 2025 was a momentous, perhaps even historic, watershed year.
Not just because of the terrible way it ended in Bondi Beach, or even the way it began with the inauguration of Donald Trump in January, which heralded a wild, unpredictable jolt in the governance of the United States and the world.
Economically, 2025 is arguably more important than 2008, 1973, 1944 and 1929, not because there was a stock market crash, an oil shock or an agreement among finance ministers to create a new global financial system. None of that happened.
I argue that it was indeed a civilizational earthquake, not to mention the fact that coal consumption hit a record high this year, effectively eliminating the prospect of a climate catastrophe.
It’s entirely possible that some sort of crash is already underway. (AP: Seth Wenig)
As for the stock market, it is entirely possible that there will be a collapse…
