I've been researching this topic independently over the last year and about 70% of what I've researched is presented beautifully within this article. What a great post.
The only thing I would try to add that she left off was just the Fed's power[0] over this entire topic. It's mentioned slightly with interest rates dropping, but they play such a pivotal role, together with the yield curve, that it needs to be mentioned.
The Fed has the power to have a yield curve inversion, which drops the amount of broad money available, which creates a recession, which has people lose their jobs, which depresses CPI inflation. Once the loss of jobs occur, they drop interest rates back to where they were and along we go for another cycle.
That's a weird complaint. What you're essentially saying is that the Fed has the power to both create inflation and reverse it, which is not as impressive as your comment implies.
You're also messing something up. Cycles are not caused by the Fed. They are caused by the cyclical way humans use debt. It's primarily rooted in psychology. People get into debt in times of high consumer confidence and once consumer confidence goes down it becomes obvious that some of these people shouldn't have gotten into debt in the first place and are no longer able to pay their debts back. The Fed drops interest rates so that it becomes easier to pay off bad debt instead of going bankrupt, which increases consumer confidence again.
One problem is that paying a bad debt over a long time frame is still a drag on the economy. It keeps accumulating and the debt burden gets worse over time as more people spend money on debt servicing than consumption, which drags incomes down, which makes the debt problem worse.
I think the generally understood stance from economists is that they fear inflation(despite the well researched article we're responding to that states that we won't see hyper-inflation!) more than they fear recessions, and that no one truly knows whats going on when a yield curve inversion happens and why it creates recessions. It is well established that unemployment and inflation is linked, see the Phillips curve.
In practice, it keeps working so they keep doing it.
The only thing I would try to add that she left off was just the Fed's power[0] over this entire topic. It's mentioned slightly with interest rates dropping, but they play such a pivotal role, together with the yield curve, that it needs to be mentioned.
The Fed has the power to have a yield curve inversion, which drops the amount of broad money available, which creates a recession, which has people lose their jobs, which depresses CPI inflation. Once the loss of jobs occur, they drop interest rates back to where they were and along we go for another cycle.
[0]: https://fred.stlouisfed.org/graph/?g=AzYM