"Climate change will likely affect economies and financial markets by causing shocks to long-term growth prospects and shifts in the relative price of carbon-intensive goods," said Morgan Stanley's Elga Bartsch in a recent research report. "Globally, climate change will likely cause stagflationary pressure."
Because "stagflation" sounds a hell off a lot scarier than "recession," you'll probably be hearing a lot about it in the financial media over the coming weeks. By definition, stagflation is a period of time characterized by high...
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