We Didn't Think...

Western institutions have grown soft because they haven't faced hard choices in decades. Need more money for wars, welfare or tax cuts? Print up more treasury bonds! Financial markets in trouble? Engage in central bank intervention. Economy weakening a bit? Bailouts! "We didn't think supply chains would be damaged for going on two years...," "We didn't think Russia would invade Ukraine...," "We didn't think....We didn't think....We didn't think...."