When former Fed Chair Paul Volcker hiked rates to tackle inflation in 1980-82...

the result was a severe double-dip recession in the United States and a debt crisis and lost decade for Latin America. 

But now that global debt ratios are almost three times higher than in the early 1970s, any anti-inflationary policy would lead to a depression, rather than a severe recession.

Nouriel Roubin MarketWatch 1 July 2021

https://www.marketwatch.com/story/the-looming-stagflationary-debt-crisis-will-deliver-a-one-two-punch-to-markets-and-economies-11625078897

Remember: the Volcker shock triggered the Latin American debt crisis

https://englundmacro.blogspot.com/2021/06/remember-volcker-shock-triggered-latin.html