It's not time to talk about "turning the corner on inflation." Even when it is time in the United States, it will have likely come with substantial human cost around the world.
When the $ rises as fast as it has done over the past 12-months the history is clear: bad things happen--financial crisis, asset meltdowns, economic hardship and recession. Some call it the dollar wrecking ball--they are not wrong
Let’s cross our fingers that the higher interest rates and strong dollar don’t produce another “lost decade” like the’80s for emerging markets
So what is the alternate proposal to what the Fed is doing? I am not clear what you are proposing. All countries are different stages of micro and macroeconomic development so how is the Fed going to cater to these heterogenous cases? Seems very difficult.
High energy costs in the UK were first announced in November 2021 (first increase).
Russia invaded Ukraine in February 2022.
There is more to it than meets the eye.
A sad aspect of history is that it's very advantageous for a society to be gross and disease ridden. That society's people adapt to deal with it, and cause outbreaks in other societies without their level of immunity. The biggest advantage Europeans arriving in the Americas had was not their technological advantage, but the fact that they were bursting with deadly pathogens. On the flip side a lot of equatorial Africa resisted colonization a lot longer than they would have otherwise because whenever Europeans showed up they immediately started dying from local diseases.
Clearly not a one to one comparison, but I get a lot of echoes of that phenomenon looking at China trying to get to zero covid while other countries let it rip. If everyone really locked down and made an effort from the beginning we might have avoided covid, but as it is anywhere that does manage to beat covid via lockdowns and such will be reinfected from elsewhere the moment those lockdowns end.