The global Covid pandemic was a black swan event with still-unknown lasting consequences. At the global level, millions have died, trillions of dollars have been added to the national debts, and China has been set back a generation and may be in the throes of a deflationary cycle. Meanwhile, in America, the nature of work has fundamentally changed such that there is roughly a thirty percent national office vacancy, creating a precarious financial condition for the banks that hold their mortgages.
Less clear is the extent of the alarming unfolding food disruptions in our midst, leaving us vulnerable to social unrest, indeed revolution. Just notice how inflation and “shrinkflation” have ravaged the average American family’s household budget, heavily weighted towards housing and food.
While these negative effects show up in America at the consumer financial and health levels, farmers in Europe, for the past few years, have been acting like anarchists by taking to the streets, alongside their cattle and tractors, as they march on their capitals in a rebellious mood that brings to mind a modern-day French Revolution…
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