And not for the first time, market attitudes toward events in the Ukraine war have been inconsistent as the nature of war makes economic predictions difficult to make.
Since the 1980s, capitalism has evolved to keep inflation under control. The risk now is that capitalism has embarked on a regime change.
The problem with the Fed is that the need for stability — and for avoiding market shocks — cuts across the desire to exert more democratic control over the central bank.
Who gets coronavirus protection first (and last)? Who profits (and loses)? What is “informed consent” (if it exists)? Divided societies face agonizing choices.
