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Feb 29Liked by Russell Clark

Paul McCalley (former chief economist at Pimco) noted that inflation was the return to labor. He said that on an Odd Lots podcast. Check it out. Fits with your comment

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I agree with your comments Russell.

I think that the wildcard to watch is immigration - especially in the English-speaking world there has been a big upsurge in net migration, the cynic would say that it's intention is wage-suppression. Given the many routes (students, family, asylum, work) available and lack of any seeming ability to constrain numbers I think it's still too early to say that pro-labour policies have won.

In fact just as Volcker slayed inflation and decisively turned the tide pro-capital, I'd say that whoever is able to successfully constrain immigration will be remembered as the one who turned the tide pro-labour.

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