Former US Treasury secretary Larry Summers is predicting further pain ahead for the US economy.
Fuelled by hawkish Federal Reserve policy, US economic strength and investors in search of a haven from market swoons, the greenback is surging relentlessly against counterparts big and small by the most in decades.
Policymakers, criticised for being too late to realise the scale of the US inflation problem, are moving aggressively to catch up.
No matter the enmity between Beijing and Washington, no matter the other conflicts going on, the spectre of nuclear war must and can unite the world against the threat.