Peter Brown: This economic crisis is very different to 2008, but more complex

We are in an environment where nobody is questioning price increases, so everybody is doing it. Inflation is the great excuse to increase profit margins

Russia, China, energy, interest rates, work force shortages, supply chain shortages, and climate targets are all contributing to a complex soup of economic influences.

From an Irish perspective, it is not that easy to see we are in a deep global economic crisis. We are experiencing the effects of inflation, but outside of that, growth is strong, tax receipts are stellar, and we have full employment. Globally, the crisis is far more complex and extremely worrying.

Back in 2008 the crash was due to too much debt. Banks crashed and asset prices fell hard. Many experienced extreme hardships but the markets bottomed out in March 2009, a short correction.