Inflation

This recession involves a big supply shock, which means that stimulus-fed consumption will bring capital consumption, which will ultimately lower productive capacity and standards of living.

Africa is in no position to bring a halt to economic activity. Urban poverty and huge debts present an apparent choice between rampant disease and mass impoverishment.

It is tempting to assume both money supply inflation and price inflation will come soon as the central banks pump new money. But if banks aren't lending because the economy is in disarray, the money supply may actually shrink, and prices may even fall.

Central banks have created a brittle economy without real savings and without much room to maneuver. Central banks now want more of the same in a bid to fix what they broke.