Takeaway: Monetary policy has consequences.

Inflation is essentially antidemocratic

-Ludwig von Mises

It's back!

After bottoming in mid-November, one proxy for global inflation (CRB Commodities Index) has put in a big +3% move off the year-to-date lows (the CRB Index was down -8% year-to-date on the lows, fueling real-consumption growth).

Inflation: It's Back! - inflation 500

Almost every major economic region (other than Europe because they have #StrongCurrency) will see inflation pickup sequentially in Q1 verses Q4.

Yes – monetary policy has consequences. More to be revealed.

Inflation: It's Back! - Venezuela

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