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The Different Layers of Inflation in China
The first time we ever had you on the show, it was to talk about China. And I'm wondering if you contrast and compare inflation in the West, in Europe and the US with what's going on in China. It does seem like, although there are some pockets of high prices in the East, it does feel like on the whole, it's less of an inflation story. So clearly, macroeconomically speaking, they are at a different point. They also did not have the kind of stimulus packages that they had in the global financial crisis and so on. The question is how did the global food and energy price shock arrive in China? And why did this shock not unleash similar