There was a tangible sense of relief in snowy Washington, DC on January 20. President Joe Biden’s inaugural message of democracy and decency on the west front of the Capitol juxtaposed not only with the tumultuous scenes of insurgence two weeks prior, but also the bellows of "America first!" that echoed from the same podium four years ago.

The impact of the change in power at the White House will be felt throughout the world — sometimes in ways that will be hard to fathom. Counterintuitively, the rand, for example, rallied to a 2021 high of R14.90/$ — far from the R19-plus lows of April...

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