Let’s kick-start a new anti-inflation policy

ISN’T it time we stopped swallowing economic theory whole, especially the false notion that something as complex as inflation can be controlled by such a crude mechanism as progressive increases in interest rates?

The rationale is that increased interest rates make borrowing more expensive, so you and I borrow less and spend less, thus damping down inflation.

Fine, but what about those who have already borrowed? For them the consequence is increased repayments leading to increased wage demands, which fuel inflation.