A couple of weeks ago, a striking snippet of news emerged from Down Under: the New Zealand government signed a pact with Singapore which guarantees that the two countries will send each other food and fuel if global shortages erupt.
“The past few months have shown we live in a volatile world — Kiwis are seeing that every time they fill up their car,” Chris Luxon, New Zealand’s prime minister, said. “That is why we are hustling in the world to protect [ourselves].”
He is not alone. Australia recently signed a similar pact with Japan to maintain flows of rare earth minerals, fuel and agriculture to offset any crisis. The EU is considering regional stockpiles of fertiliser amid fears of a food crunch. And, as I have written, governments and companies around the world are now quietly stockpiling key items. Call this, if you like, a new fashion for hoarding and huddling as fears that we are entering the era of scarcity intensify.