They are pushing up interest rates thew world over because monetary theory dictates that this is the way to bring down inflation. But not so long ago those same banks were arguing that inflation was only transitory and there was no need to lift rates. So, what changed? And why isn’t it working. Inflation is coming down very slowly and the wage pressures they seek to ease, by making people lose their jobs, isn’t working. The labour market is as tight as ever. This week Phil asks Steve what central banks are playing at, and, if they fail, will governments and the public start to lose faith in them and the policies these unelected representatives foist on us?

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