Why Did the Experts Get Inflation So Wrong?

The video discusses the impact of a global savings glut on real interest rates and the challenges central banks face in controlling inflation. It critiques the effectiveness of monetary policy and suggests that deleveraging is necessary to address economic issues. The discussion also covers the role of fiscal policy and the need for central banks to collaborate with other policymakers. The long-term economic outlook is predicted to involve low interest rates and a prolonged period of deleveraging.

How does the speaker view the role of central banks in the current economic situation?

What does the speaker predict about the duration of low real and nominal interest rates?