The central bank problem will be impossible to solve

Central banks in OECD countries are currently forced (by the level of public and private debt, by the war in Ukraine and the resulting loss of growth, by the increased need for public spending, by the impossibility of envisaging a further decline in activity after the COVID crisis, and by the high level of asset prices) to maintain highly expansionary monetary policies. But to prevent a debt crisis or a recession, to facilitate the financing of public spending, they will be forced to accept dangerous developments not only from an economic point of view, but also from a social point of view: high inflation, continued rapid rise in asset prices, especially in real estate prices. It would take extremely high interest rates, which will not be implemented, to fight inflation. In reality, whatever central banks choose, the consequence of the choice is very dangerous.