General - comment

As we are headed into the airport chaos to meet some of you in the US, the below graph caught our attention this morning. The first graph below is very high-level, but it tells clear enough a story - so far. Down with the elevator and up with the stairs, we are - two years later - headed for a return to 95% of air travel, but have reduced capacity raised leverage and crippled operations on the ground and in the air. Hence inflation. The second graph is even higher level season. Adj. Unemployment in Europe. It too suggests that full employment should call for inflation. What we don’t understand however is: If there are no fruit pickers for the farms and no personnel at the airports, no train drivers, nurses, teachers waiters. Then what are we all doing? Is it a matter of bending employment data with gigs, or has the "new economy" / social media etc. taken up such a large part of the workforce?