Financial markets have become a bulwark against populist excesses

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You say you want a revolution, sang the Beatles back in 1968. And that seems to be the interpretation of electoral results across the industrialised world. From the seismic shifts in recent US and German elections to the rise of Reform and the Green party in the UK, electorates are signalling that they reject the status quo. As the song says: “We all wanna change the world.” And yet, there is an important caveat in the next few lines of the lyrics penned by Lennon and McCartney that are just as important almost 60 years later. “But when you talk...