We continue to build on themes discussed in episode #11, “The Lessons of History,” in which we examined the effects of earlier pandemics. In this episode, we discuss how the COVID-19 pandemic will likely accelerate the reversal of the equality/efficiency cycle toward equality. Deglobalization is a key element of that shift. Although we believe the world has been steadily moving toward equality, this pandemic is moving the process forward. The eventual outcome is higher inflation, although it may take several years for higher price levels to become evident.

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