Lagarde and Powell must be very happy after the great news that in July the central banks reached, as each and every one of the last months, record highs in millions of dollars and euros printed. Currently, the main central banks have a balance sheet in excess of $30 trillion. Without sounding alarmist, the situation and the speed of the increase of money are very reminiscent of the one shown in 2008.

More worrying are the numbers in absolute numbers as between the ECB and the Fed they have added $7 trillion in just over a year, a figure they took 10 years to add between 2008 and 2017.