Crises Everywhere, but the Markets Don’t Seem to Mind

NYT Homepage

by Jeff Sommer

February 13, 2026

AI-Generated Deep Dive Summary

The stock market continues to thrive despite a world riddled with crises, from pandemics to political unrest, according to an economist. While global turmoil seems to persist, investors have reason to stay calm as markets historically navigate such turbulence. The Dow has surged past 50,000, and Wall Street remains bullish, suggesting that belief in profitable opportunities outweighs concerns about real-world distress. Economist Eswar S. Prasad highlights the "doom loop" phenomenon, where social, political, and economic challenges feed into one another, creating a dangerous spiral of instability. This interconnected chaos underscores the risks lurking beneath the surface of booming markets. Investors are advised to remain cautious, as markets may eventually succumb to these pressures. Prasad’s research offers an in-depth analysis of how global crises interact and exacerbate each other. His book, *The Doom Loop: Why the World Economic Order Is Spiraling Into Disorder*, paints a concerning picture of interconnected threats. While markets currently prosper, the potential for reversal looms large, emphasizing the need for preparedness. For readers following news on economic and political developments, understanding this dynamic is crucial. It sheds light on why markets remain resilient despite widespread instability and what investors should consider moving forward. This perspective is vital for anyone seeking to navigate an uncertain financial landscape.

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Originally published on NYT Homepage on 2/13/2026