We truly live in the most interesting times. This time last year we still had Covid restrictions and everyone was looking at whether the Covid-induced bottlenecks in the world economy would induce transitory or persistent inflation. Then Vladimir Putin happened to Ukraine, and we know the rest. Inflation spiked as energy concerns dominated; central banks and finance ministries responded. Central banks first flooded the system with more liquidity, and then tried to take some of it away again in the form of interest rate increases. Finance ministries have had to buttress the incomes of the poorest especially by spending more. …

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