The current bout of inflation should be no surprise to steady staters. We have national and global ecosystems pushed to the limits by population and economic growth. At the same time, we have monetary authorities and heads of state—neoclassically oblivious to limits—eager to stimulate the economy with loose money. It’s a recipe for inflation.
We tweeted all the way back in March 2020 that inflation was coming.
By Brian Snyder
Over the past two months, there has been a great deal of talk about the environmental implications of the pandemic. Some have looked for glimmers of hope, others have predicted that we will shortly return to the status quo. I fear that the biggest outcome of the pandemic will not be its death toll nor its effects on the climate, but its impacts on geopolitics. Specifically, the deteriorating relationship between China and the USA may lead to a Second Cold War.
Modified from the original published in Our Daily Planet (ourdailyplanet.com) on March 21, 2020.
In 2013, the United Nations designated March 20th as the International Day of Happiness to recognize the importance of happiness and wellbeing in the lives of people around the world. Last year I attended the launch of the annual UN World Happiness Report in New York. This year the UN is closed to the public,
COVID-19 has done in a deadly way what steady-state economists would prescribe in a healthy way: putting the brakes on a runaway economy. In fact, the pandemic has slammed on the brakes and jammed the GDP gearstick into reverse. It has ushered us into a recession that will be pronounced and protracted. In a COVID-caused recession, it’s nature at bat, not the Fed.
In these dark times, any source of comfort is welcome.