“Larry Fink, CEO and chairman of the world’s biggest asset manager, BlackRock, said Russia’s invasion of Ukraine has upended the world order that had been in place since the end of the Cold War. “the Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink said in his 2022 letter to shareholders”
note: As globalization goes into reverse, the disinflationary drag of cheap exports will gradually disappear. That will likely become a problem for central banks everywhere.
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