STANFORD, California ¨C Watch any sport nowadays and you will be treated to instant replays that give you a detailed ¡ª often slow-motion ¡ª view of important moments. Watch the news and you may find yourself feeling like you are similarly watching the past on playback.
But these replays ¡ª of high inflation, soaring public debt, a brutal ground war in Europe, a new cold war and the rise of potentially destructive technologies ¡ª are far from instant and the stakes are much higher.
Readers might recall that I rising inflation and slower growth as early as spring 2021. Former U.S. Treasury Secretary did so . Yet today¡¯s inflation ¡ª the worst since the early 1980s ¡ª caught most people by surprise.
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