THE COMING STAGFLATION — WORSE THAN THE 1970S AND NO WAY OUT скачать в хорошем качестве

THE COMING STAGFLATION — WORSE THAN THE 1970S AND NO WAY OUT

We are heading into stagflation that will be more severe than the 1970s, and this time the tools that solved it then are unavailable now. Stagflation combines stagnant growth with persistent inflation—contradictory problems that break normal policy responses. In the 1970s, Paul Volcker raised rates above 15% to crush inflation through deliberate recession. Today, with government debt exceeding 130% of GDP, that solution is mathematically impossible. Interest payments on $35 trillion at high rates would consume the entire federal budget. Add aging demographics, deglobalization, and energy transition costs, and you have structural forces creating persistent stagflation with no conventional exit. I've studied these cycles across history. The 1970s taught investors that traditional portfolios fail during stagflation. This time will be worse because the debt burden prevents the aggressive monetary tightening that eventually ended it.