This is how the world is beginning to feel to someone whose life as an economist began in the 1970s: over-optimism on potential supply, until it was too late.
Current policy would make sense in a depression. But we no longer risk a depression.
All the big central banks are still largely locked into policy settings introduced in March 2020, at the peak of the Covid-induced panic. In the US, this seems wildly inappropriate.
Martin Wolf FT 16 November 2021