Two years after global financial markets were roiled by the Covid-19 health and economic crisis, the world economy and financial markets are again in distress. However, this time, as we say, is different.

Unlike with the Covid-19 crisis — which forced economies to close, cratered global demand and collapsed commodity prices — Russia’s invasion of Ukraine, and the world’s response to it, has precipitated a spike in oil and food prices that herald high inflation for economies globally...