50 years ago, in 1972 and 1973 commodity prices soared (especially, but not only the oil price). This led to the deepest (until then) post-war recession. Not just because of the rise in commodity prices, but the aggressive tightening by central banks which ensued. I fear that we are facing a similar situation today. I think there is a high chance that 2023 will be a recession year, and there is unfortunately the chance that it will be a deep recession.
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