What has not changed in the world in the aftermath of COVID?
At the beginning of the COVID crisis, it was imagined that this crisis would bring about many major changes to the global economy. But now we can see that the majority of the expected major changes have not materialised. In particular: Consumers have not become “frugal”, the appetite for consumption is still very strong; Reshoring did not take place on a massive scale, imports in particular from emerging countries recovered very quickly; Income distribution did not correct in favour of wage earners; on the contrary, corporate profit margins quickly become very high again; Speculative behaviour did not decrease at all, on the contrary, appetite for speculative investments is very strong.