Having mismanaged the economies and now misrepresenting the problem, central bankers and politicians in the West pray for a “soft landing” instead of a recession.
Lately, central bankers and politicians have abstained from making promises. © Getty Images
In a nutshell
- Irresponsible policies are catching up with Western economies
- The central banks and political leaders deny their responsibility
- Instead of a “soft landing” a full-bore recession may come next
The figures and predictions about the world economy are not catastrophic but remain disappointing. Politicians and central bankers were expecting and had promised all but stellar performances after the end of Covid-related restrictions. In their view, years of monetary and fiscal profligacy had been a success story. A future of sustained growth and 2 percent inflation would have paved the way for the “challenge” and the business of the 21st century: the war on…