Commentary The toxic combination of the COVID-19 pandemic and quantitative easing by the Federal Reserve has created one of the more treacherous macro environments in history. When COVID closed the economy last year, it provoked an unprecedented orgy of fabricating money out of thin air. More than $3 trillion was created in 2020 alone. Almost 20 percent of all existing U.S. dollars were created last year, according to Andreas Steno Larsen, chief global FX/FI strategist for the Helsinki-based financial services firm Nordea. This dooms the world to an orgy of inflation, right? And then what? Maybe not. One of the more memorable observations of my tutor at Oxford was a three-word sentence he extolled me to ask whenever I thought I knew what history holds in store. “And then what?” It puts you in the right frame to prepare for the reality that history is a process. Francis Fukuyama notwithstanding, …
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