Maybe the Governor of the Bank of England is right telling us that “We are a very long way away from the 1970s”. Maybe Karen Ward is right that the spectre of the 1970s turmoil haunts the UK economy /FT, Companies and Markets, 15 March 2022/.
Maybe we are facing an even bigger challenge than the rerun of the 1970s /and also the 1940s/. Maybe we have something even bigger in play than the 50ys and 80ys cycles of history.
When it comes to longer cycles, we should be pondering the rerun of the Seventeenth Century in our times, especially the present global rerun of Europe’s Thirty Years War between 1618 and 1648.
The good news is that we started to handle the threats of the present climate change. The bad news is that we should also handle the impacts of the geopolitical climate change of our times that might result in the same scarcities, revolts and turmoil, what our ancestors faced globally in the Seventeenth Century. Then bad weather, now bad geopolitical decisions have devastating effects on our life.
Governor Matolcsy, MNB, the Central Bank of Hungary