2023: Echoes of 1973

May 22, 2023

by Charles Hugh Smith Of Two Minds

So what’s changed? Everything, but mostly beneath the surface churn of circus and theater.

2023 is echoing 1973 in potentially consequential ways.. It’s not just one year, of course; the entire era from 2019 echoes the era that started in 1969, when the second-order effects of postwar policies finally started kicking in.

Consider these similarities / echoes:

1. Major shifts in global capital and trade flows that attracted little notice start to matter in terms of currency valuations, inflation, monetary and fiscal policy and geopolitics: check.

2. After decades of modest inflation, inflation not only rises but is sticky rather than transitory: check.