Hypothermia has strange effects. When rescuers reached Lincoln Hall, an Australian mountaineer who had spent a night out above 8,000 meters on Everest in temperatures of minus 30 degrees Celsius, he was trying to remove his jacket. Extreme cold can leave victims feeling hot.
That example is offered from the Chinese economist Li Xunlei, who is fascinated by the tendency of those suffering from severe hypothermia to take off their clothes. There is an analogy:
I am not a medical specialist, but I wonder: When an economy "cools into hypothermia,” can markets also experience an illusion of warmth? And how destabilizing might such false signals be for the economy?
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.