Interest rates are not nearly high enough. One thing I’ll give credit to the Russians on is raising rates to 16% to tamp down inflation.
I don’t even think high interest rates can do inflation now. That is effective when you have inflation from an overheating economy. (as they say). Today the inflation comes from truly deranged government spending. We are adding 1 trillion of additional debt every 100 days now. High interest in the early 80s happened when America was the worlds biggest creditor. Now we are the largest debtor in all of human history. There isn’t even a close second.
I think they are crashing it on purpose. Think of someone hopelessly in debt who plans to file for bankruptcy next week…. So this weekend they buy rounds at the bar, trips to Vegas, big screen TVs, and a huge grocery trip to Costco. They have no intent to ever pay the credit card bill.
That’s how the US government looks to me right now.