The Seductions of Declinism
William Davies: Stagnation Nation, 4 August 2022
“... on global supply chains, there isn’t all that much the Bank of England or anyone else can do about it. Raising interest rates acts as a signal that the bank still takes its responsibilities seriously (it does, after all, have an official mandate to pursue an inflation target of 2 per cent), but while interest rate rises may have the effect of ... ”