Why Did They Run Out of Chip Production?

The global labor market is much less arbitrageable than it was over the last decade. The secular reasons inflation is likely to average, significantly above two is one is the de-globalization. And on top of that, you have the policy response that what are they going to do if you do go into low inflation and weak growth? That's a huge change from the policy responses we've seen over the last 30, 40 years in developer.