Inflation is now at a 40-year high of 8.6%, with energy and food cost leading the way. To stop inflation monetary policy requires a nominal interest rate 2% higher than the inflation rate, such as 10.6% — yet the Federal Reserve has only raised its policy rate to 1.6 percent. Major Central Banks around the Globe have stepped up the pace of interest-rate hikes like the Feds. Now, the Bank for…