What is happening in global economics and why does it seem like we’re falling into another recession?

Question

And as a bonus question, how have we fallen into the same problem we did just 14 years ago, how did no one think “let’s do it differently this time guys!”

In: 6

Answer 1

Things are getting more expensive and fast (inflation).

To curb this the central bank is doing whatever it can to decrease demand (supply and demand: more demand means high prices, lower demand means lower prices)

With lower demand for things, people produce and consume less. Viola, recession.

(Totally oversimplified, but it’s ELI5)