Global Recession?

The blow to real incomes – and thus to consumer spending – from higher energy and food prices has been so large that central banks ought to think twice about their newfound hawkishness. 

Fed would do well to consider the reduction in real (inflation-adjusted) disposable incomes in the US. It has been significant, and the strong tightening of financial conditions may have already sown the seeds for an economic downturn soon.

https://www.project-syndicate.org/commentary/china-russia-ukraine-fed-tightening-could-mean-global-recession-by-jim-o-neill-2022-05

Jim O’Neill, a former chairman of Goldman Sachs Asset Management and a former UK treasury minister, is a member of the Pan-European Commission on Health and Sustainable Development.

What is the purpose of monetary policy in today’s economy?

Should we still worry about government debt levels, or have we discovered (by some fluke) that we never needed to worry about this? 

Jim O’Neill Project Syndicate 9 December 2021

https://englundmacro.blogspot.com/2021/12/what-is-purpose-of-monetary-policy-in.html