Patrick Boyle

it would have first appeared.

Because even in the United States, there's people saying like, well, why has petrol or gas prices gone up in the United States?

And the reason for that is that there's a whole industry of people trading this stuff.

There's a global market.

Yeah, there's a global market.

And of course, if you're a US producer and you know you can put this stuff on a ship and send it to Europe and get twice the money for it, you're doing that.

And that's driving up the price in the United States.

It's a big impact in inflation, I think.

There's a number of things playing into inflation right now.

That is one.

There's an argument that that could be a temporary one, depending on how quickly things tidy up.

And as I said, it will linger.

It'll have a long tail to it, but it could tail off.

But there's even just a number of other sort of big global macro things happening in the world that are inflationary, you know, just tied to even things like aging populations and so on that just mean that, you know, the levels of inflation that we've seen in the past.

There's a very good book that I just read a few weeks ago called, I think, The Unanchored Central Banker.

And the author is a friend of mine.

But in it, he makes the argument that up until recently, for the last 20, 30 years, central bankers around the world have looked like geniuses because they've managed to have lots of growth and keep inflation under control.

But of course, there were big macro forces that were keeping inflation under control, like even just the fact that we're importing all this stuff from China.

just the demographics, the number of people working versus the number of people outside of the workforce.

And now as we have aging populations, we have all of these inflationary pressures from a variety of reasons, the central bankers are no longer in a situation where they can really control inflation as they did in the past.