Over the Christmas and New Year break, we’re looking back at some of the most important letters we sent to you in 2021. And today’s example features a warning about whether vaccines would end lockdowns, from way back in May.

At the time, we already had good evidence that vaccines would not unlock our economies. And Fortune & Freedom warned that the rest of the world was refusing to accept this. Well, they learned the hard way.

Here’s how things looked, back then

Of course, foreseeing that vaccines wouldn’t stop government intervention is one thing. Figuring out how it’ll affect financial markets is quite another.

Every variant has its corresponding response from central banks to vaccinate stock markets and keep them propped up. But will that work much longer?

Nigel Farage and Rob Marstrand are sceptical. Find out why, and what to do about it if you agree with their take, here.

Nick Hubble
Editor, Fortune & Freedom