Phil and Steve analyze the 2026 return of double-digit inflation, characterizing it as a structural cost-push crisis rather than the result of excess consumer demand. Keen argues that with Brent crude hitting $100 a barrel due to the Strait of Hormuz blockade, energy costs have become a fundamental driver of prices that central bank interest rate hikes are fundamentally powerless to resolve. He delivers a scathing critique of current monetary policy, suggesting that raising rates acts as a "debt tax" that exacerbates the real income shock for households while failing to address the underlying energy supply bottlenecks. To truly "beat" this inflation, he advocates for moving beyond interest rate orthodoxy toward direct energy price interventions and an accelerated transition to energy sovereignty to decouple the economy from global fossil fuel volatility.

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