THE era of cheap and abundant liquidity is going to be over soon. It is the rampaging inflation everywhere which put that era to an end. To quell this threat, central banks have to raise their rates policy and stop monetary expansions.

In the United States, for instance, inflation soared to 7 percent year-on-year at the end of December 2021, the highest since 1982. The Federal Reserve has no alternatives other than hitting the brake to stop