Classically this is true with regards to Monetary policy, but didn't this fall to the wayside when they set required deposit rates to 0% in 2020, and haven't implemented appropriately sound measures for an appropriate reserve requirement system (Basel3) thus doing away with fractional reserve to full on money-printing.

My reading of the 1000+pg Basel3 document from BiS seems to point to the weighted risk categories being fundamentally flawed (relating to valuation for those risk weighted categories, not unsurprising given the subjective value of assets), not to mention the indirect business flaws that limit new banks potentially growing the number of GSIBs, leading to concentration of risk through sieving.

AI debt seems to be supercharging the indirect stagflation indicators which started showing up a few years ago.

Most empire's above a certain size inevitably run into internal conflict from land-use issues related to rentseeking and monopoly.