Credit Suisse research has always prided itself on thought leadership. In today’s environment, where we have to navigate a global conflict between great powers and an unfolding crisis of commodities, thought leadership is more important than ever. The current environment is perhaps more complex than the crises of 1997, 2008, or 2020, for the problem is not only nominal (FX pegs, par, or the great overdraft, respectively), but also real: commodities are real resources (food, energy, metals), and resource inequality cannot be addressed by QE...