It also takes place in a universe where policy making ended in 2022. Fiscal contraction is happening because we just recovered from historic fiscal expansion du

It also takes place in a universe where policy making ended in 2022. Fiscal contraction is happening because we just recovered from historic fiscal expansion due to the pandemic. Contraction will continue so long as growth continues. If we slide into recession and inflationary pressure ebbs, we'll just reverse course again. Honestly, I know cynicism and despondency are in vogue right now but the last 20 years have shown global policy makers are doing an absolutely outstanding job. Fiat currency and Keynesian orthodoxy have been vindicated at every turn. Obviously not everything has gone perfect but considering the amount of disasters faced, we've suffered far less than in the past.