Once again, the economic system is trying to adjust to political and monetary interventions. The year 2023 marks the end of a historical period characterized by zero-cost credit.
The monetary expansion that began in the early 2000s led to the great financial crisis of 2008 and the emerging markets boom. Exaggerated demand expectations and easy access to capital caused an overexpansion of production capacity and the subsequent industrial restructuring between 2015 and 2018.
Later came covid, with a further reduction in production capacity while demand was sustained with new money. The result was the highest inflation since the 1980s and a drastic rise in interest rates in response, which precipitated the current recession.
The possible duration and intensity of this difficult period is

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