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If only it were 21%.
Inflation (and consequent monetary tightening) is the nub of the issue — and the war is mostly a component of that rather than a global macro driver in itself, I think.Does anyone think the end of the war in Ukraine will bring a global, if not rally, little bump/stop of the slide? I suspect much of the pessimism is linked to the war.
There are some good charts in there, but he doesn't convince me that inflation is going to slow down any time soon other than he brings up a valid point about consumer spending driving some of this which would indicate stagflation is unlikely because if we go into a recession, that will decline and reduce inflation some.