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


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