I must admit, that I really enjoy reading your publications @karamyog
Another interesting piece. Upvoted already.

I'm also concerned about state of world economy in the nearest future. Right now there is so much liquidity everywhere, but it will dry out sooner or later. And then world economy will heavily HIT THE WALL.

Just as the world was about to declare victory on COVID-19 by removing almost all restrictions,

Im not sure about India. But in europe there wouldn't be any declaration of victory. Most policians has a very difficult time dealing with raising anger of their own population.

My impression is that this War came to many of them as a relief. Protests related to pandemic, lockdowns, inflation and all negative media coverage stopped within few days.
(that's just a bit outside the main topic)

I have long believed that any central bank action targeted at inflation is misplaced

Is it possible that central banks would increase rates but also continue with their QE program (more printing to cover public goverment spending)?

cheers, Piotr