Or, To Put It More Tediously.

https://twitterwithbraincells.blogspot.com/2022/05/so-what-caused-stagflation-of-1970s.html

In the decades following the Second World War. The Capitalist First World became all consumed by the Economic theories of John Maynard Keynes.

That the political class should interfere with the economy at every opportunity.

The fact that Keynes was one of the main architects of the Great Depression of the 1930's. Which is cited by many as one of the main drivers of the Second World War.

Apparently that didn't bother anyone at all.

By the 1970's it became impossible to deny how empty Keynes' Economic theories are.

As economic growth across the First World, at best, Stagnated. More typically though started to shrink or recede, Recession.

All while prices continued to rise, Inflation.  

Amid the Pandemic the political class in the old First World not only interfered with the economy. But also the private lives of their citizens. To an extent that would make Josef Stalin and Chairman Mao blush.

During the Cultural Revolution Chairman Mao instructed his supporters to execute opponents through Cannibalism.

Not because they were starving. Apparently they just wanted to do Cannibalism.

Funnily enough. Doing the thing that always results in Stagflation. Has resulted in Stagflation.

Sadly the political class in the old First World cannot be helped.

Until they accept that they need help.

In some cases spoon-feeding, apparently.