Inflationists Focused On Wrong Variables for Wrong Reasons

Inflationists Focused On Wrong Variables for Wrong Reasons
(Suez Canal Authority via AP)

When the Ever Given got stuck in the Suez Canal back last March, it was a perfect metaphor for the times. Among the largest ships ever built, crashing headlong into the right bank of the narrow waterway left one of the busiest shipping lanes completely blocked off. Yet another bottleneck in a series of bottlenecks to plague the global economy in 2021.

In response, shipping companies worldwide scrambled to rebook sailings before they left harbor while rerouting those already steaming on their way. Cargo deliveries would necessarily suffer even more delays, end-of-the-line buyers/users complaining while becoming all the more impatient.

 

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