central bankers throughout the world demonstrated tremendous incompetence in hiking interest rates to adjust to inflation caused by geopolitics in an open global economy and while inflation did come down, it's clear it's not because the rates were hiked. the philips curve was debunked 50 years ago, but economists still use it to set interest rates, because they have no better plan and no idea what they're doing. the idea of independent central banking is largely undemocratic and technocratic, and broadly not something i'm in support of at all. in a democracy, elected representatives should be able to decide how to set rates, or at least to replace decision makers if they are unpopular.