Inflation tends to operate in regimes: unanchored vs anchored, and this often coincides with political regimes.  Activist governments and policy coordination with central banks often feature in, and contribute to, high inflation.  And we tend to see wealth concentration fall in high, anchored inflation regimes.

Source: Bloomberg, Macrobond, Variant Perception

Kenneth Rogoff’s article, Back to the Seventies?, highlights that the roots of sustained inflation stem from the political economy, and there are a growing number of similarities between today vs the 1970s.  The article can be found here:

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