Adam Tooze in Chartbook:
The politics of inflation in 2022 are surprising.
Perhaps my priors were wrong, but as price indices surge by almost 10 percent I would have expected more talk about the losses inflicted on “small savers” and their vulnerable bank accounts, in other words the classic “petty bourgeois” politics of inflation.
Perhaps the relative lack of such talk points to the fact that no one actually believes that this inflation will be anything more than transitory, so that it amounts not to a landslide devaluation, but a one-off tax on savers and there is thus less reason for panic. Perhaps savers now have more diversified portfolios and are better protected. If so, the collapse in stock market prices hardly offers much comfort.
More here.