{"id":64693,"date":"2023-01-10T17:19:38","date_gmt":"2023-01-10T22:19:38","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64693"},"modified":"2023-01-10T17:19:38","modified_gmt":"2023-01-10T22:19:38","slug":"more-war-means-more-inflation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64693","title":{"rendered":"More War Means More Inflation"},"content":{"rendered":"<div class=\"section \">\n<div class=\"grid-container u-gc-full u-relative \">\n<figure class=\"cell image image--lead image--ratio-2-1    \"><picture class=\"fbg-image__element\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/webapi.project-syndicate.org\/library\/949aedae6f3775db7019170903d15bab.2-1-medium.1.jpg\" alt=\"roubini172_APU GOMESAFP via Getty Images_inflation\" width=\"320\" height=\"160\" \/><\/picture><span class=\"image__copyright\">Apu Gomes\/AFP via Getty Images<\/span><\/figure>\n<\/div>\n<\/div>\n<div class=\"grid-container\">\n<div class=\"grid-x grid-margin-x fbg-image article__container\" data-sticky-target=\"interaction-article\" data-page-area=\"article-top\" data-sticky-offset=\"20%\" data-scroll-area-container=\"main\">\n<h3 class=\"small-12 large-offset-1 large-10 xlarge-offset-2 xlarge-8 cell article__title article__title--main u-mb-se\" dir=\"ltr\"><a href=\"https:\/\/www.project-syndicate.org\/commentary\/high-inflation-long-term-problem-owing-to-real-and-metaphorical-wars-by-nouriel-roubini-2022-12\">More War Means More Inflation<\/a><\/h3>\n<div class=\"small-12 medium-10 medium-offset-1 large-8 large-offset-2 xlarge-6 xlarge-offset-3 cell u-mt-se\">\n<div class=\"article__abs u-mt-se\" dir=\"ltr\">\n<p>Advanced economies and emerging markets are increasingly engaged in necessary &#8220;wars&#8221; \u2013 some real, some metaphorical \u2013 that will lead to even larger fiscal deficits, more debt monetization, and higher inflation on a persistent basis. The future will be stagflationary, and the only question is how bad it will be.<\/p>\n<\/div>\n<div class=\"article__body article__body--commentary  english\" dir=\"ltr\" data-page-area=\"article-body\">\n<p data-line-id=\"35a1f7992bb8495d88bf2c0b38b9d29b\">NEW YORK \u2013 Inflation rose sharply throughout 2022 across both advanced economies and emerging markets. Structural trends suggest that the problem will be secular, rather than transitory. Specifically, many countries are now engaged in various \u201cwars\u201d \u2013 some real, some metaphorical \u2013 that will lead to even larger fiscal deficits, more debt monetization, and higher inflation in the future.<button class=\"comment__caller icon-box icon-box--v \" aria-expanded=\"false\" aria-label=\"Paragraph comment\" aria-controls=\"login_register\" aria-haspopup=\"true\"><\/button><\/p>\n<aside class=\"inlay inlay--slide slide__container show-for-medium editorpick-container\" dir=\"ltr\" lang=\"en-us\">\n<article class=\"listing asize asize--c listing--contained\" data-url=\"brazil-insurrection-bolsonaro-supporters-january-8-by-robert-muggah-2023-01\" data-page-subarea=\"main-article-a2\"><\/article>\n<\/aside>\n<p data-line-id=\"91ade4296b454a9196ae71262d2c4d4e\">The world is going through a form of \u201cgeopolitical depression\u201d topped by the escalating rivalry between the West and aligned (if not allied) revisionist powers such as China, Russia, Iran, North Korea, and Pakistan. Cold and hot wars are on the rise. Russia\u2019s brutal invasion of Ukraine could still expand and involve NATO. Israel \u2013 and thus the United States \u2013 is on a collision course with Iran, which is on the threshold of becoming a nuclear-armed state. The broader Middle East is a powder keg. And the US and China are facing off over the questions of who will dominate Asia and whether Taiwan will be forcibly reunited with the mainland.<button class=\"comment__caller icon-box icon-box--v \" aria-expanded=\"false\" aria-label=\"Paragraph comment\" aria-controls=\"login_register\" aria-haspopup=\"true\"><\/button><\/p>\n<p data-line-id=\"747bdc80742040e985281d5ff95a662c\">Accordingly, the US, Europe, and NATO are re-arming, as is pretty much everyone in the Middle East and Asia, including Japan, which has embarked on its biggest military build-up in many decades. Higher levels of spending on conventional and unconventional weapons (including nuclear, cyber, bio, and chemical) are all but assured, and these expenditures will weigh on the public purse.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Apu Gomes\/AFP via Getty Images More War Means More Inflation Advanced economies and emerging markets are increasingly engaged in necessary &#8220;wars&#8221; \u2013 some real, some metaphorical \u2013 that will lead to even larger fiscal deficits, more debt monetization, and higher inflation on a persistent basis. The future will be stagflationary, and the only question is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1917,13351,8402,3303,862],"class_list":["post-64693","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-nouriel-roubini","tag-price-inflation","tag-project-syndicate","tag-stagflation","tag-war"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64693"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64693\/revisions"}],"predecessor-version":[{"id":64694,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64693\/revisions\/64694"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}