Real wages have been stagnant while the money supply ever increasing. This wasn't the case until 1971, when the US removed the gold peg: https://wtfhappenedin19

Real wages have been stagnant while the money supply ever increasing. This wasn't the case until 1971, when the US removed the gold peg: https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ Europe is interesting in that certain parts of the Euro zone run high deficits and need bailouts while some of the others are disciplined. I don't have a clear theory for why inflation in Europe has been stagnant all along.