Mutatis Mutandis Not Ceteris Paribus

Mutatis Mutandis Not Ceteris Paribus By Michael Every of Rabobank 2026 has seen economists and strategists forced to accept that geopolitics, rather than being the odd ‘exogenous shock’, is a structural backdrop disrupting models and markets. If an economic or market call depends on a geopolitical one, it logically requires an entirely different skillset. Of course, people adapt. Six years ago, economists and strategists busily tracked Covid infections while knowing nothing about virology or epidemiology until, fortunately(!), the virus naturally mutated into something less, not more, dangerous. Today, they Hormuz track...