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I'm reading everything that #ZoltanPozsar puts out for many years...His latest piece "War and Interest Rates" (August 1st) was a true masterpiece...Here are some highlights in a #thread🧵:
War is inflationary
....Wars come in many different shapes and forms. There are hot wars, cold wars, and what @DrPippaM calls hot wars in cold places – cyberspace, space, and deep underwater (see here). ...
Inflation did not start with the hot war in Ukraine…
....Wars come in many different shapes and forms. There are hot wars, cold wars, and what @DrPippaM calls hot wars in cold places – cyberspace, space, and deep underwater (see here). ...
Inflation did not start with the hot war in Ukraine…
the low inflation world stood on three pillars:
first, cheap immigrant labor keeping service sector wages stagnant in the U.S.; second, cheap goods from China raising living standards amid stagnant wages; third, cheap Russian gas powering German industry and the EU more broadly.
first, cheap immigrant labor keeping service sector wages stagnant in the U.S.; second, cheap goods from China raising living standards amid stagnant wages; third, cheap Russian gas powering German industry and the EU more broadly.
