“The mystery and risks surrounding the early days of the pandemic, the fear of the “Unknown” and the fear of a depression, are now a thing of the past. Super- Third Quarter Report 2020 • Friedberg Mercantile Group | 3 easy money and a series of large fiscal injections, with the promise of more to come, have persuaded even the milquetoasts that risks have disappeared. As we see it, it’s not unreasonable to believe that those precise risks have been set aside for now. But, in our opinion, we seem to have exchanged the immediate risks of generalized defaults and depression for a longer and more insidious risk: stagflation.”

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