While central banks continue to insist that inflation is transitory, politicians of all ideological stripes are waxing lyrical about the plight of the ordinary man and woman. In all of this, there is a nearly random chance of someone discovering the truth. The ever-accelerating crisis rhetoric around inflation is now getting a tailwind from sagging economic growth, as central banks start to slam the breaks on credit conditions across major economies. Retail banks are following the central banks’ lead, pushing up lending rates and tightening lending covenants. Slowing down Sharp credit supply reductions in the US, Germany and the UK…

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