{
  "id": 5115750,
  "title": "Beyond the obvious: Wenn der Staat die Preise treibt",
  "url": "https://urgent.news/2026/09/02/beyond-the-obvious-wenn-der-staat-die-preise-treibt",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-02T15:01:36.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/audio/bto/beyond-the-obvious-wenn-der-staat-die-preise-treibt/100251372.html"
  },
  "original_language": "de",
  "account": "The economic theory \"The Fiscal Theory of the Price Level\" posits that government debt can lead to inflation when the population begins to question the government's ability or willingness to fulfill its future obligations. Professor John Cochrane, a Stanford economist, developed this theory. In light of the rapidly increasing doubts, particularly due to the massive unfulfilled promises made by western countries for their aging societies, the dangers to the value of money are growing. Three years ago, Cochrane was a guest on bto, discussing the US Debt Ceiling theater – the recurrent, highly dramatized political power struggles in Washington over raising the US national debt ceiling. These battles often resembled election campaigns rather than serious fiscal policies. At that time, US government debt stood at $31.4 trillion, and Cochrane predicted several scenarios that today, after the interest rate shock, seem to be reemerging with particular force. It's high time for a bto refresh! In this episode, there is a blend of the strongest passages from the expert interview conducted three years ago with current assessments by Daniel Stelter on what has happened since then. At the end of the episode, the complete interview in its original English version follows. Note: DISASTER - Saving Germany: The New Book by Daniel Stelter. Now available everywhere, where books are sold. Also available at Thalia, Amazon, geniallokal. bto podcast episode #191 The State Drives Inflation (May 21, 2023), Daniel Stelter in conversation with John H. Cochrane: https://t1p.de/0qbnk. Book The Fiscal Theory of the Price Level (January 2023) by John H. Cochrane: https://t1p.de/5bi3z. Beyond the obvious – New analyses, commentary, and assessments on the economic and financial situation can be found at think-bto.com. Beyond the obvious – New analyses, commentary, and assessments on the economic and financial situation can be found at think-bto.com. Newsletter – Subscribe to the monthly bto newsletter here. Editorial contact – We welcome your opinions, suggestions, and criticism at podcast@think-bto.com. Handelsblatt – An exclusive offer for all \"bto – beyond the obvious – featured by Handelsblatt\" listeners: Test Trade Handelsblatt Premium for 4 weeks for the price of 1 Euro and stay informed about the current economic and financial situation. More details can be found at handelsblatt.com/mehrperspektiven.",
  "summary": "Inflation ist nicht nur ein geldpolitisches, sondern vor allem ein fiskalisches Problem – eine Rückschau, drei Jahre nach John Cochranes „Fiscal Theory of the Price Level“.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Handelsblatt",
        "title": "Technikmesse IFA: KI-Boom treibt Preise für Smartphones und Konsolen nach oben",
        "url": "https://urgent.news/2026/09/02/technikmesse-ifa-ki-boom-treibt-preise-fur-smartphones-und-konsolen",
        "published": "2026-09-02T08:14:17.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}