Quantitative easing has favoured markets this year but global fear is returning. Risky assets such as equities and commodities have begun a wobble that will probably worsen. The now familiar tune of a flight to the dollar and already ridiculously expensive safe havens is very likely to play again.

After President Barack Obama’s re-election, there’s no reason for Federal Reserve Chairman Ben Bernanke and his QE show to stop soon. But even the Fed’s $40-billion per month and an end-October increase in the Bank of Japan’s 11 trillion yen ($139-billion) asset purchase programme did not shore up equities last week. There is too much to worry about.