Watch any sport nowadays, and you will be treated to instant replays that give you a detailed – often slow-motion – view of important moments. Watch the news, and you may find yourself feeling like you are similarly watching the past on playback. But these replays – of high inflation, soaring public debt, a brutal ground war in Europe, a new cold war and the rise of potentially destructive technologies – are far from instant, and the stakes are much higher. Readers might recall that I predicted rising inflation and slower growth as early as spring 2021. The former US...