Panic grips the markets, spreading outward from one global capital and then back inward in a spiraling oscillation of fear and greed and fear again that roams from New York to London to Germany to Japan and back to New York again, whether through Moscow or Calgary or Milan.

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But by the Berkeley team's analysis, the global temperature correlates more closely with the state of the Atlantic Multidecadal Oscillation (AMO) index - a measure of sea surface temperature in the north Atlantic.

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Much of the variability in global TC ACE is explained by the concomitant changes or evolution in the character of the El Nino Southern Oscillation (ENSO) and Pacific Decadal Oscillation (PDO).

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The global temperature trends since then have followed not rising CO2 trends but the ocean temperature cycles of the Pacific Decadal Oscillation (PDO) and the Atlantic Multidecadal Oscillation (AMO).

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