Inflation

Inflation is the quietest way a government reduces what it owes. Prices rise, wages follow late, and the real value of both the national debt and household savings falls without a single vote being cast.

Felix Nikolas Prehn traces how this worked in 1946, 1980 and 2022, and what it means for anyone holding cash, bonds or a pension. The talks and essays below cover the mechanism; the book sets out the full record.