A recession is coming. And there's a danger it will be deeper and last longer than the 2008 crisis. But was this inevitable, or the making of central banks? David Blanchflower argues that a certain group-think is driving central banks to overreact to inflation pressures by sharply raising interest rates and thus inevitably triggering a recession. That recipe for dealing with inflation is based in the past, when a price-wage spiral was a big risk. But that world no longer exists. Central banks need to wake up to this new reality before they take us all down with them.