The American Commons: From your vantage point, how do you anticipate the sudden onset of war between Russia and Ukraine to affect life for North Americans?
Koyzis: Well, I think the most immediate consequence will be a spike in the rate of inflation, which was already higher than we’ve seen in recent years because of the pandemic. The price of oil has risen, and with the resulting increase in transportation costs, the prices of food will rise too, especially of imported goods.
To dampen inflation, our central banks will be raising interest rates, which will make it more difficult for people to buy such “big-ticket” items as houses and automobiles.
But I think there will be a psychological effect as well. Many of us have relatives in Europe, some of whom may be in Ukraine or nearby. During time of war there is a different feel to ordinary life. Suddenly life feels much more precarious. We go about our daily business but with a vague sense of anxiety constantly following us. Watching footage on television and hearing people’s stories bring tears to our eyes. I find myself praying constantly for those caught up in this conflict and that God would bring it to an end.
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