It appears that the markets are confidently anticipating up to three rate hikes from the European Central Bank this year. The argument for increasing rates in April and June presents a complex challenge, as the current inflationary pressures are more likely to be temporary this time.

And as the current global order begins to unravel, what kind of system will take its place? What’s even more concerning is the prevalent notion that emerging. Thucydides, or invoking the concepts of natural selection, has gained a certain trendiness.

The circumstances in Iran appear to support that perspective. Matters are more complex than they appear. A vibrant, decentralized network is emerging to challenge a global framework dominated by American institutions and influence, akin to a dense jungle overtaking a uniform field.