It becomes obvious the surge in inflation is structural

  • Demand bolstered by the pandemic stimulus
  • Global supply chain disruption
  • A demographic and political shift

Tail risk – a *Carrington event exposes our excess dependency on electronics

  • A major *solar storm causes damage to satellite systems
  • Communication and power grids disrupted
  • Fragility of our tech stack is revealed

A ‘blow-off top’ in equity markets due to the euphoria of normalization

  • Investors take on more risk amid loose monetary policy 
  • Will the bull market born out of the pandemic reach boiling point?
  • Consumer and business confidence surges

“Common prosperity” goes global

  • Efforts to address the widening wealth gap in China
  • Impacts on the rest of the world
  • Corporate and top tier income taxes rise significantly

Evergrande is China’s subprime moment

  • Much of China’s economy tied to real estate
  • The problems of the indebted property developer spread 
  • Can China deflate in an orderly manner?

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