The article argues that the era of cheap energy, plentiful supply and falling inflation, running from the early 1980s until the COVID-19 pandemic in 2020, has ended. The decades ahead will be shaped by a geopolitical contest over energy, industrial metals, rare earths, critical minerals and semiconductor chips, as AI, electrification and rearmament all demand heavy materials, with data centre electricity use set to more than double by 2030. Supply responds slowly because new mines take well over a decade to develop and processing is concentrated in a few countries, so a supply-constrained world is prone to stagflation, which interest rates cannot easily fix. The author argues that fiscal policy targeted at production and productivity, rather than broad subsidies, can be more effective, and that energy policy is now macroeconomic policy. The piece also recommends direct support for poorer households, investment in food, human capital and buffer stocks, and avoiding self-sufficiency at any cost.
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Related tickers and likely impact
NZD/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/20/2026 | 0.56844 |
| Change that session | +0.38% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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