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We were warned in this space five months ago that inflation was coming. Now inflation is here and it will get a lot worse before it gets any better, especially for the poor. There may be no place to hide for the middle classes either, and individuals and societies where citizens generally have sufficient savings, disposable income and even those with access to state funds.  

I am visiting “the East,” notably Southeast Asia, where the Group of 20 will meet later in 2022, to get a greater sense of the putative global shift from West to East over the longue durée. I am not terribly impressed with Ian Bremmer’s description of a “geopolitical recession” which tries to capture the state of the global political economy. Bremmer’s Eurasia Group risk consultancy seems terribly wedded to a type of Ptolemaic parochialism. A visit to the group’s website prominently features images of Washington’s latest “enemies” — the leaders of China, Turkey and Iran...

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