Beyond the obvious: Preissteigerung mit Ansage – Rückkehr der Inflation
Ein Buch aus dem Jahr 1974 und der Ökonom Tim Congdon beschrieben die Wiederkehr der Inflation – und sie wurde Realität. Daniel Stelter sprach bereits 2021 mit Congdon über die Entwicklung.
On March 22, 2021, American economist Ronald H. Marcks passed away. Shortly thereafter, in early summer 2021, the return of inflation seemed imminent. Some claimed it was merely a temporary phenomenon, while others warned of structurally higher prices. Five years later, in 2026, we know that inflation has returned. Consumer prices surged by double digits in 2022 and 2023, while asset price inflation has skyrocketed to 75 percent since 2005, compared to just 15 percent real wage growth over the same period. This wasn't a coincidence, but rather the result of excessive money supply.
In June 2021, Daniel Stelter discussed the question with British economist Professor Tim Congdon: Is the post-Coronavirus price increase temporary – due to supply shortages and reopening – or is a longer-lasting inflation phase beginning? Congdon argued for the latter. Stelter expanded on the evidence of such a process. But how does this relate to Marcks?
Marcks provided historical illustration for the mechanism preceding actual inflation – specifically what happened financially before, during, and after the Corona crisis – through his 1974 book "Dying of Money – Lessons of the Great German and American Inflations" written under the pseudonym Jens O. Parsson.
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