What is the biggest threat to the West right now — China or inflation? Stupid question, you might think. One is a country, the other an economic indicator. They belong to different categories, so comparing them is ridiculous.
Except there’s a very deep connection between the two. Right up until Covid, we’ve enjoyed a twenty years of miraculously low inflation. Over the last decade, we’ve really pushed our luck — forcing interest rates down to zero and instructing our central banks to turn on the printing presses…
