High inflation is what you get when cheap money lasts for too many years!
Western central banks were irresponsible and reckless when the kept short term interest rates at ultra low or even negative levels since about 2008! I have blogged about this situation multiple times before!
Plus, the ultra low interest rates facilitated and incited massive government borrowing and spending at low cost!
Now, Western central banks are in a rush to raise interest rates amid a looming recession. What a great timing! Had they acted years ago, this would have been avoided!!!!
These facts were well known to most economists, but few have publicly protested and educated the public!
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