Economic policy options now range from the very bad to the truly awful



Europe is spending more on energy as a share of GDP than during the 1980s oil shock, stock markets are melting down and Japan is trying to prop up its yen currency for the first time in two decades.

f economic history is repeating itself, we are stuck in the ‘tragedy’ phase as central banks press harder on the brakes as each inflation print comes in higher than the last.



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