The global economy is entering a recession because recent unprecedented government spending has zombified hugely indebted economies and has crowded out the private sector.
Paul Krugman denies that the Fed artificially suppressed interest rates. As usual, Krugman neither understands interest rates nor the effects of inflationary policies.
It is interesting that the founder and leader of the market monetarists declared in January 2020 that the world was about to enter a "golden age" of low inflation for the Federal Reserve.
There is no reason to expect the Afghanistan debacle to humble Washington policymakers. Korean War fiascos were swept under the rug, paving the way for the Vietnam War. The cycle didn't end there.
