One year ago we posed the question of whether most rich countries were about to enter a period of great inflation, even stagflation. Most people answered ‘no’. This time is always different and, after all, the 1970s are too long ago to remember.
Well, maybe. The monetary sage of our time, Mr Martin Wolf, hedges his bets. But he does not pose the main question we’re still wanting someone to answer: how will stagflation take root and ultimately end in a global, digital economy?
It’s hard to find a precedent for that.