Throughout this update you will find four themes woven into the narrative – the three inflation lags – monetary, agricultural and Net Zero 2050 – and the specter of G7 over-indebtedness. These four forces combined represent an unfolding and perhaps irresistible basis for 1) continued inflation even in the face of assertive central bank rate policies and 2) stagnation as elevated debt levels act as a drag on real economic growth. Stagnation coupled with inflation is better know as stagflation.
