2022 Summer Travel Disaster

How Europe Became the Epicenter for This Summer’s Travel Chaos
https://www.bloomberg.com/news/features/2022-07-01/record-flight-delays-cancellations-make-europe-2022-s-worst-place-to-travel
From London to Amsterdam to Berlin, chaotic scenes are playing out at airports as the fine-tuned interplay between check-in desks, security personnel and baggage handlers unravels. While Asia’s travel industry is still navigating Covid-19 and the US suffers from a shortage of pilots, ticket pricing and cancellation data show Europe is where the turmoil has converged to inflict maximum pain on consumers. 

Washington’s Power Structure

The 20-Somethings Who Help the 70-Somethings Run Washington
https://www.nytimes.com/2022/07/01/us/politics/20-somethings-washington.html 

Well-Tailored Clothing from India

At a Luxury Shirtmaker in India, Obsessing Over the Tiniest of Details
https://www.nytimes.com/2022/06/27/style/can-a-shirt-made-in-india-beat-savile-row.html 

Who Gets to Create/Run the ‘Rules-Based Order’?

Andrew Sheng’s thought-provoking piece is worth reading:
Whose world? What order? Time has passed for the West to call the shots
https://www.scmp.com/comment/opinion/article/3183734/whose-world-what-order-time-has-passed-west-call-shots
 
The other side of US exceptionalism
https://www.project-syndicate.org/commentary/us-exceptionalism-china-challenge-international-order-by-dani-rodrik-2022-06
Harvard economist Dani Rodrik offers a biting critique of US foreign policy:
To those who wonder why we should care about the decline of America’s relative power, US foreign-policy elites respond with a rhetorical question: Would you rather live in a world dominated by the US or by China? In truth, other countries would rather live in a world without domination, where smaller states retain a fair degree of autonomy, have good relations with all others, are not forced to choose sides, and do not become collateral damage when major powers fight it out. The sooner US leaders recognise that others do not view America’s global ambitions through the same rose-tinted glasses, the better it will be for everyone.  

Tripolar world ushered in by the rise of 'neutral' powers
https://asia.nikkei.com/Spotlight/Comment/Tripolar-world-ushered-in-by-the-rise-of-neutral-powers

The great paradox in the world today is that the “dumb simplicity” of America’s self-perception is both obviously bogus and fundamentally true.
https://www.theatlantic.com/international/archive/2022/07/american-involvement-ukraine-trump-election/661460/

Related:

A new world order
https://www.newstatesman.com/international-politics/ideas-international-politics/2022/06/new-world-order-how-global-politics-reshaped-war-ukraine-the-china-climate-change

When Will the Stock Market Hit Bottom?

After Stock Market’s Worst Start in 50 Years, Some See More Pain Ahead
https://www.nytimes.com/2022/06/30/business/stock-market-worst-start-50-years.html 

Data Collection by Tech Companies

Okay, Google: To protect women, collect less data about everyone
https://www.washingtonpost.com/technology/2022/07/01/google-privacy-abortion/ 

INFLATION OUTLOOK

MY TAKE:
New era of inflation will bedevil central banks and bond markets
https://thehill.com/opinion/finance/3543857-new-era-of-inflation-will-bedevil-central-banks-and-bond-markets/
We are facing an extraordinary moment of uncertainty regarding the future inflation (and interest rate) outlook. Will we relatively soon return to the low rate, low inflation and low growth (characterized as secular stagnation) dynamic that was the hallmark of the post-financial crisis era? Or are we entering a new era of sustained higher rates and elevated inflation? Nobody knows the answer for sure, but we shouldn’t underestimate the probability that we are in the midst of a consequential inflation regime change.