Inflation rose sharply throughout 2022 across both advanced economies and emerging markets. Structural trends suggest that the problem will be secular, rather than transitory. Specifically, many countries are now engaged in various ‘wars’—some real and some metaphorical—that will lead to even larger fiscal deficits, more debt monetization, and higher inflation in the future. The world is currently going through a form of ‘geopolitical depression’ topped by the escalating rivalry between the West and aligned (if not allied) revisionist powers such as China, Russia, Iran, North Korea and Pakistan. Cold and hot wars are on the rise. Russia’s brutal invasion of...