Central banks are faced with the devil’s alternative created by their own policy. Either let inflation run and create a stagflation problem or scare the markets by tapering.
Most Egyptians have lived their whole lives in a country where the government heavily subsidizes bread prices. But now the deeply indebted Egyptian state faces some tough choices, and Egypt's poor may suffer the most.
China is a lesson for those in the West that see China’s rising interventionism as a good idea. Political interventionism means bad capital allocation, worse job creation, and the worst type of inequality, the one that is politically driven.
The risk of government expropriation of private property remained low, and Botswana rejected antiwhite reformist politics which destroyed capital in many other countries in the region. Economic success has been a result.
