The job market is weakening, inflation is still too high, and we’re at serious risk of a once-in-50-years oil shock. This is almost the exact set of conditions that triggered the stagflation of the 1970s, which at the time was America’s worst economic crisis since the Great Depression. At the moment, the economy is still far from that kind of doomsday scenario, but the direction of travel is disquieting. The economy’s warning lights might not yet be flashing red, but they are certainly flashing

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