There is a silver lining to the covid crisis—namely the breakdown of centralized political authority. The possibility for radical political realignment presents us with both uncertainty and opportunity.
Even if we leave Trump and the 2020 election out of this, New York's botched election is the latest reminder that government institutions can't seem to carry out what we're told are their most basic functions.
Because of past easy-money binges, the pool of wealth may be declining just as prices are increasing. And we're likely to see upward pressure on interest rates. This is bad news, and shows the limits of the Fed's power.
