I think it all adds up to a pretty bearish scenario because of all the inflation implications of what we’re seeing right now. You already had massive deficits and money printing in the developed world. On top of that you had enormous demand-side pressure from China relative to commodities. And now you’ve got the prospect of massive geopolitical disturbance in the great oil-producing centers of the world. I mean, that has to be a pretty inflationary scenario. The best case is that we’re about to re-run the 1970s, only with Barack Obama instead of Jimmy Carter in the White House.
Niall Ferguson
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