Whether you call it a 1970’s style stagflation or, as we call it, a recessflation, investors need to prepare their portfolios to profit from a protracted period of rising prices in the context of zero growth. Here are some facts: Growth in the U.S. has averaged just 2% since 2010. However, Q4 2015 GDP growth grew at a 1.4% annualized rate and the Atlanta Fed model has Q1 GDP growth slowing to just 0.1%. The simple truth is that the rate of growth is slowing towards 0%, just as asset prices continue to rise to record levels due to vast intervention from central banks.

The U.S. is now in the process of moving away from an environment of disinflation and slow growth, to one of inflation and recession. Indeed, the entire global economy is careening towards an epic recessflation crisis.

Central bankers have bombarded the world with unprecedented levels of QE, ZIRP and NIRP for the past 7 years, which has produced a significant amount of inflation in equities, real estate and bond prices–especially in relation to income and GDP growth. Now, all this money printing has finally started to spill over into core consumer prices. In the U.S., CPI has risen 2.3% year-on-year, which is the largest increase since May 2012, and well above the Fed’s 2% inflation target. The home price to income ratio has soared back to 4.4:1 and the ratio of total market cap to GDP at 117 is in extreme overvalued territory. This bubble in stock prices is evident despite the fact that the S&P 500 is in a revenue and profits recession.

But a recessflation isn’t just an issue here at home. China exports fell 11.2% in January, while imports dropped 18.8% from the year prior. Yet, that sign of economic stagnation hasn’t stopped home prices in Shanghai from soaring over 50% from January 2015!

What is the game plan of global governments to combat falling GDP growth and rising asset inflation? More stimulus of course. Japan’s Prime Minister, Shinzo Abe, has proposed to increase government spending by 5-10 trillion yen in this year’s fiscal budget to encourage more consumption. But Japan has already run budget deficits worth 8% of GDP for the past several years, which has piled onto the nation’s government debt that is now nearly 250% of GDP. Nevertheless, despite over three years’ worth of Abenomics (money printing and deficit spending), business sentiment in Japan hit a three-year low this March.