Memo to the ruling elites: "It's the economy, stupid!"

The liberal elites seem to be getting nervous, trying to figure out what they can do to avert the imminent reception. Adam Pankratz, a lecturer at the University of British Columbia's Sauder School of Business, wrote an excellent statement of the blindingly obvious, for Canada's National Post. Here are two key paragraph of "Economic reality is about to bulldoze the progressive agenda". Thanks to Agent 6 for  the link. 

For years now, governments across the western world have found reasons to turn towards tribal politics. Be it relentless condemnation of western history as uniquely evil, genuflection to those who shut down railroads and tear down statues or prostration before the idol of identity politics, it has been a one-way capitulation to any grievance Twitter could muster. Reality is about to force a change from identity driven wedges and fanciful green economic policy dreams back to serious matters like money and jobs. The inflation tidal wave, coupled with a slowing economy is making our citizens poorer. A backlash against Canadian Liberals and American Democrats, along with governing elites in Europe is coming and will be a first-class example of "it's the economy, stupid," in action.... 

Morgan Stanley recently warned oil could reach $380 a barrel if the worse case scenario of Russian crude coming off the market were to occur. This would be cataclysmic for all economies and participants therein, but, as always, the worst pain will be reserved for those who can least afford it. This is the great irony of current policy in Canada, Europe and America: by refusing to look reality in the eye, politicians are going to seriously harm those they purport to help while also sinking their own progressive agendas.

The "governing elites in Europe" must certainly include Italian Prime Minister Mario Draghi, about whom I wrote yesterday. The next sound you hear will be that of  his government falling. Lifetime pct .978.