Soaring energy prices in Europe, an alleged attempt to detain a Fed official in China, efforts to diversify chip supply away from Taiwan Semiconductor: We are in a global financial war.
Financial wars date at least to the Crusades, but after more than 200 years of increasing globalization, financial conflict is now far more costly and unpredictable. People on both sides of these conflicts typically don’t understand what is going on. They know only that their world is being turned upside down. So, for example, ordinary Europeans will be shocked as they struggle to pay for heat this winter. My Putin-supporting mother-in-law in Moscow was shocked to discover her preferred coffee shop, Starbucks, no longer operates in Russia. “What happened?” she asked me.
Opinion | The Global Economy Has Become a Battlefield
Soaring energy prices in Europe, an alleged attempt to detain a Fed official in China, efforts to diversify chip supply away from Taiwan Semiconductor: We are in a global financial war.
Financial wars date at least to the Crusades, but after more than 200 years of increasing globalization, financial conflict is now far more costly and unpredictable. People on both sides of these conflicts typically don’t understand what is going on. They know only that their world is being turned upside down. So, for example, ordinary Europeans will be shocked as they struggle to pay for heat this winter. My Putin-supporting mother-in-law in Moscow was shocked to discover her preferred coffee shop, Starbucks, no longer operates in Russia. “What happened?” she asked me.