There is little question that the Ukraine crisis is a portentous event for the global economy. The combination of rising prices and stifled growth is presenting central banks and governments with a dilemma about the possible emergence of stagflationary pressure. Yet the macroeconomic conditions – decades in the making – that have left the US economy vulnerable to economic shocks have remained under-discussed. Chief among these is the rise in private debt and wealth inequality. In the 1970s and 1980s, the US engaged in a radical restructuring of its economic and financial model. This was borne out particularly in the ... (full story)