We are on the cusp of an even bigger break in the financial architecture as Fed officials are doubling down on the need to fight inflation, Ron Insana says.
'An even bigger break' ahead
What is clear is something I have suggested for quite some time — that recession is a feature, not a bug, of Fed policy, echoing the policy decisions of the late Paul Volcker who, in the early 1980s drove interest rates to 20% to induce an inflation-killing recession and tame inflation that had been raging for over a decade.
Rapidly rising rates in the US put a strain on Latin American nations which had borrowed considerable amounts of money from U.S. commercial banks throughout the 1970s. The near collapse of the British bond market may just be the canary in the coal mine, indicating that there are unknown, or unrecognized, pockets of leveraged speculative bets in both near and far-flung corners of the globe.
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