Quarterly Newsletter

Summit Perspective Spring 2022 EditionSpring 2022

Inside This Edition …

  • Feature Article: The 2022 Time Machine
  • Summit Spirit Award: Angela and Kids Against Hunger
  • Summit University: Our Spring Session is Here and There’s a Lot to Learn!
  • Staff Spotlight: Welcome Evan and David!
  • Ready to Unload? Our Annual Paper Shredding Event Is Back!
  • Summit Trivia Challenge

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The 2022 Time Machine

Many of us grew up in a Cold War era where the USSR was the primary enemy, and our military and political attention was focused on keeping communism at bay and averting nuclear war. Over time, capitalism triumphed … the Berlin Wall fell, Russia adopted Perestroika, the Soviet Bloc crumbled, and Eastern European countries gained their sovereignty. Before you could relearn the European map, Russia was an active trading partner and had become part of the interconnected world economy. However, the moment the Red Army rolled into Ukraine this February, it seems we entered a time machine and landed in a world where Russia attacks its neighbors and threatens the West with nuclear war. While western countries were sleeping, Vladimir Putin was building his forces and making plans to create his version of the
USSR. What is old is new again as Russia returned to being public enemy number one.

Of course, this is not 1980, but from an economic perspective there are similarities. Inflation is running rampant after the massive stimulus injected into the economy to combat the COVID pandemic (the CPI was up 7.9 percent in February1). Interest rates are rising as Jerome Powell does his best Paul Voelker impression, and commodities (especially oil and gas) have surged due to the war in Ukraine. One can imagine how economic forces would react to this financial and geopolitical stew.

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