Headlines:

• All major advanced economies are in or heading towards recession
• With recession and high inflation occurring together, policymakers have a dilemma
• Even without that dilemma, this period – a couple of years after a major global recession – would usually see high financial risk
• This time around, that risk is particularly pronounced, as Fathom suggested it would be: expect a wave of sovereign, currency and banking crises
• The banking crises may already be upon us in China; and even, perhaps, closer to home

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