The Economist has a chart of the prices of fine wine and oil. Its explanation for what looks like a rising correlation is that both are determined by Chinese economic strength.

My big-picture thought was how recently the wine price took off — it looks like it was 2006 — which is a reminder of how recent a phenomenon the China-will-dominate-the-world story really is (some people have been talking about it since the 80’s, but not, as it seems now, everybody). Historic trend or bubble? I suspect a bit of both.