Monday, June 13, 2022

Dead Cat Bounce

There's no small irony in the fact that it is the western nations which overtly prioritised their wealth over public health in 2021 — and which could be said to have gone a bit over-the-top with all the free money the previous year — are the ones whose economies are now being throttled by inflation. 

I was in New York this time last year as the first reports of worrying price hikes reached the mainstream news channels. 

Just "a blip" said the Fed. Not "hold your horses" or indeed "all those savings you have accumulated during lockdown, you might need them in the medium term." The bounce back was seemingly just too thrilling for many economic commentators. 

I suppose the creeping geopolitical pressures were then less obvious, but Biden said yesterday that he always knew Putin intended to invade Ukraine, while Zelensky was long in denial. 

And Boris, as we know, got all the big calls right...

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