You can buy ETFs that short indexes pretty easily. If you are convinced the market is going to tank, it doesn't make sense not to buy up something like DOG (one of the best stock tickers ever, BTW). I tend to ride things out because I don't believe I know better than the markets what is going to happen. But if you do, then there are money making opportunities.
That's like saying we have a BLT because we have bread, lettuce, and tomato. Without the bacon, it ain't a BLT. Stagflation requires steadily high unemployment. We don't have that.