The likelihood of a global recession is growing and inflation is already taking a significant toll. A prolonged period of stagflation that painful combination of high inflation and low growth looks increasingly probable even if a global recession is averted. In 2007-09, financial dysfunction created more dysfunction, ultimately bringing the global economy to its knees. Similar dynamics are now at work, but with origins that lie outside of finance. Long, complex supply chains and the information gaps within them are exacerbating the impact of recent shocks and leaving policymakers in the dust. Have the global financial systems starting to fail ?

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