Austrian economists do not have crystal balls, but Austrian business cycle theory provides a sure foundation for identifying looming economic crises and exacerbating factors, even if the precise timing of a downturn cannot be known.
The Left conveniently ignores dozens of state-dominated and state-controlled medical systems and decides that the lack of preparedness for COVID-19 was all the fault of those small slivers of healthcare systems that are actually private.
Government institutions, including central banks, have long been responsible for increases in the cost of living. But the burden often falls most on those who are just starting out in their adult lives.
What needs to be done in such a crisis is not to attempt to steer the market to ensure it provides what is needed, but to let it free to do what it always does: match the goals of entrepreneurial producers with the needs of the populace.