Independent Strategy

The slough of war

The discovery of Russian army atrocities in Ukraine lifts us to a new plane of war and for longer. We move deeper into confrontation. The flow of heavy arms to Ukraine will accelerate. The war will be prolonged. Equities are only a bet on nominal GDP boosted by rising inflation for as long the profit share is constant. Bond market yields will continue to rise. Recession remains a risk.

To read the full report - Login or Subscribe

SUBSCRIBE

In the Media