Putin and Netanyahu Wars Connected

Climate Change Is Making The Oligarchs (And Us) Fussy

Forget the growth economy we grew up in.

Demographics, climate change and a pandemic hang-over have halted the 244 years of industrial growth leading to a backlash against nuisance populations.

More and more money must be spent re-building what’s destroyed by climate change — storms, floods and drought. In the years ahead expect 3% of global GDP to go towards fixing stuff we believed would last as long as the debt maturity borrowed to build it.

The pandemic shut down many Chinese factories, the likes of which won’t be rebuilt in a high-debt inflationary environment. Look around. Here’s a store near me.

Empty shelves everywhere and when stocked, usually a mess

Inflation has taken a breather. (My first prediction about transitory inflation turned out right). Yes, there will be deflation in hard assets. But for the stuff you need to live— inflation with come back with a vengeance. Again, climate change raising taxes on supply.

So the oligarchs have a lot on their plate. I mean they’re looking at huge pieces of their portfolios that can’t be refinanced. They’re…