In this issue:

• The Contagious Effects of Financial Repression

• Understanding TikTok

• Pensions

• The Revenge Thesis

• Supply Chain

• Local Media

• CARES Act 2

The Contagious Effects of Financial Repression

I recommend Matthew C. Klein and Michael Pettis' book, Trade Wars Are Class Wars almost without reservation. My main reservation is, they’ve done an excellent job of e…