In 1987 the U.S. military coined the term VUCA, referring to the increasing volatility, uncertainty, complexity and ambiguity of a multipolar world. It was used to describe one particular period of change. But it also perfectly describes the turmoil seen around the world over the last two years. COVID-19 and the reaction to it have thrown the world into chaos. Whole industries have been destroyed, while entirely new ways of working have become the norm. Meanwhile, vast government debt issuance and money printing to pay for the response will saddle the world with debt and inflation for years to come.