Albert Edwards: Ice Age gives way to Great Melt


Albert Edwards of Societe General makes his great pivot to inflation. The key to this argument is a continuation of crisis policymaking. If there were no Ukraine War then would governments not already be turning away from MMT principles after the inflation breakout of COVID19? That said, there is no shortage of crises to keep government spending: Cold War 2.0, climate change, war in Europe etc. 

Even so, cyclical forces should overwhelm structural in the short term and inflation crash as the global economy tips into recession. 

Whether the recovery produces a new round of higher than previous inflation is the moot question.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.