> If it were purely some single thing or circumstance of politics it should be less widespread. There’s clearly some structural issue in western societies. It’s

> If it were purely some single thing or circumstance of politics it should be less widespread. There’s clearly some structural issue in western societies. It’s still possibly self-inflicted but not by a simple reason like lack of supply. It is due to ZIRP for the past 10 years[*] in the USD 800# gorilla of a currency / economic area. Due to a large financial system in the US and Western Europe the liquidity flows into the financial system create asset bubbles instead of downstream inflation, and due to financing that affects housing as well. Thanks to other policies like tax cuts for the rich the inflation is confined mostly to the financial sector and things-that-rich-people-buy more broadly with limited spillover into the 'real' economy and downstream wages. [*] and falling rates and 2% inflation targeting ever since the 1980s.