Bankers can't do anything about stagflation because stagflation happens when the real economy is damaged. Bankers can't do anything about the recent problems in the energy industry or global shipping. And yet, instead of accepting this, they still try to control the levers of the economy. They would rather that workers loose (high unemployment) than capital (high inflation eroding purchasing power of assets). Even if that means that less goods are being produced (thus worsening the underlying problem)