"Years of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck in the coming years. When the crash comes, the stagflation of the 1970s will be combined with the spiraling debt crises of the post-2008 era, leaving major central banks in an impossible position."

One of the most salient and on-point pieces I've read on the main issue governments/central banks are going to face if inflation persists. Normally they push up interest rates to tamper Inflation like Volker did, but the consequences of doing this now could be catastrophic for the global economy. Ultimately I think they'll attempt to push up rates as the alternative could lead to hyperinflation which pretty much results in the breakdown of society. "If they start phasing out unconventional policies and raising policy rates to fight inflation, they will risk triggering a massive debt crisis and severe recession; but if they maintain a loose monetary policy, they will risk double-digit inflation – and deep stagflation when the next negative supply shocks emerge."

Please use "" marks when quoting. Thanks