Stagflation is here. The world is facing a global recession that could go on for several years as central banks everywhere will be forced to put through growth-crushing large rate hikes to control runaway inflation just as production is already falling.
Inflation surged following the coronavirus (COVID-19) pandemic due to surging food prices and disrupted supply chains, amongst other things. The problem has now only been made worse by the war in Ukraine.
But it has only been more recently that central banks have started to lose control of the situation as inflation has surged passed their rising prime monetary policy rate hikes, sending real interest rates deep into…
