Until the USA pulls back from its fiscal debt spiral there is nothing it can do to lower interest rates or fight inflation. Buying 2% GDP growth by running a fiscal deficit of 6% of GDP is not sustainable or economically productive. The problem is the USA exports this inflation into emerging economies as the US$ soars on the back of all the liquidity that has to be pumped into financial markets to support the debt.
Charting, page-28
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