The most obvious story for future economic historians probably goes something like this. At the start of the 21st century, politicians lost control of spending. The debt has grown much faster than GDP. SO, inflation made the task much more difficult for central banks continue to print money. But from moderate inflationin 2024, they are back to their old habits – decreasing interest rate and encourage more and more people to borrow and spend.

At that time, lowering interest rates was no longer an option but a necessity. The authorities needed low rates to finance and refinance their out-of-control deficits. But investors became reluctant to lend more money to a borrower who was clearly bankrupt. Interest rates rose and the only recourse was to print money – trillions of it. The result was a rise in inflation – the defining feature of the 2024-2034 period.