Blame Ukraine conflict, not central banks

The origins of the inflation shock the world is experiencing are primarily political, not economic or monetary

The global economy faces a combination of slowing growth and rising inflation in 2022. Many commentators ascribe it to the excesses, fiscal and monetary, of the past several years. They are wrong. The deceleration in growth and inflation of the magnitude we are seeing now are more on account of the conflict in Ukraine.  

To grasp this, you only need to look at forecasts before and after the Ukraine conflict that commenced in February 2022.

Let us take the growth forecasts first. The year 2022 was to have been the year of recovery for the world economy from the ravages of the