The crisis of 2023: hacking the core

As Zoltan Pozsar argued, the global environment in 2023 looked more complex that the crises of 1997, 2008 or 2020 because the sources of the problem were deeper and connected to control over the price level: “you can print money, but not oil to heat or wheat to eat.” It is helpful to think of the prices of money like the application layer of the system.…