The Global Debt Overhang Condemns Central Banks Like the Fed To Pretend To Fight Inflation.

A sharp rise in interest rates would have devastating effects.

The road is straight but the slope will be rough. Central banks are now going to move twice as fast to raise interest rates. Officially to stop the acceleration in prices. But will they go that far?

In the past, the big money makers have not hesitated. They have even provoked recessions to keep inflation under control. The most famous episode was America…