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" ... The first thing to state is that some level of inflation is to be welcomed; it is only at the extreme that it is problematic. Indeed, many of the social and political issues that we are facing currently, from extremism to populism, would likely be somewhat mitigated by a dose of inflation (I’ll write more about the social implications of inflation next month). Those asking if inflation will be good or bad for the ESG movement are missing the point; the two are inextricably linked as ESG is inherently inflationary. We might even call the next regime greenflation. ... "