Around the world, broad measures of money are moving higher as goods price inflation moves higher. China and India come to mind here. Economic liberalization has brought benefits for both the nations that liberalized, and those that trade with them.
As such, tightening measures by developing country central banks are to be expected. As an example consider this article by Andy Mukherjee of Bloomberg. There’s a lot of excess credit out there, and central banks are half-heartedly trying to extinguish it.
Goods price inflation is moving higher globally, and global short rates are rising as a result. When do we hit the tipping point, and what nations/sectors will have the worst of it once deflation or stagflation takes hold? I’m not sure, but those that are running a current account surplus should do better.