It looks as though interest rates have bottomed out and have started a long march higher. If we look at the yield on the 10-year US Treasury bond, courtesy of the Federal Reserve Bank of St Louis, we can see the whole story. Interest rates went on a long upward swing from the early 1960s through to 1980. Then began the long downtrend that has been all that many people have ever known. Interest rates hit bottom in 2020 and have been heading higher since. This has very significant implications.

As everybody knows by now, fuel prices have risen substantially since the beginning of March 2026. There is a possibility that the circumstances that have led to this situation may worsen before they get better. While there is lots to discuss, there are three interesting things that can be analysed with some basic economics. First, should governments put a cap on petrol and diesel prices? Second, should governments reduce or remove fuel excise taxes? Third, are rising oil prices inflationary? For each question, there is room for debate.

While it will take some time for people to adjust to the reality of the situation, the era of globalisation is, at least for now, over. It was an interesting ride. Back in 1999, as a student, I was vaguely aware in that pre-social-media era, of the anti-globalisation protests that shook the World Trade Organisation (WTO) meeting in Seattle, Washington, a place I knew then only as the setting for the sitcom Frasier. Others, slightly older than me, probably associated Seattle with Kurt Cobain. In any case, it seemed like a world away.