The jury is out on whether massive government spending in response to the COVID-19 pandemic contributed to today’s inflation. However, as politicians stare down a potential recession, they face a critical dilemma: by stimulating growth will they also further stimulate prices? Dario Perkins, the managing director of global macro at TS Lombard, joins Real Vision’s Andreas Steno Larsen to talk about consequences of the European energy crisis, including a vicious cycle of expansionary fiscal policy that would only exacerbate existing systemic problems. Perkins also shares his thoughts on the “romance” with Modern Monetary Theory and describes what he considers a “true” recession. Recorded on August 18, 2022.