The dirty secret behind the cost-of-living crisis


Source: newstatesman.com newstatesman.com

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Illustration by Thomas Kuhlenbeck / Ikon Images As central banks across the world, including the Bank of England, continue to raise the cost of borrowing, the strains on a financial system hooked on a decade of ultra-low interest rates are becoming apparent. Silicon Valley Bank is merely the most prominent example of what could be a string of financial failures and defaults. Worse, as I argue with my co-authors in a short new book on the cost-of-living crisis, is that the inflation we are experiencing is unlikely to be tamed by interest rate increases, because price rises are flowing from...