Icon: enlarge
Euro note press: "Inflationary pressure is higher than it has been in a generation"
Photo: Christian Thiel
Larry Summers and Olivier Blanchard are seen as economists for whom no government stimulus package can normally be too big and no rate cut by the central bank can be far-reaching enough.
Both have a reputation for being excellent theorists.
You teach at elite American universities and have experience in key economic positions.
Her credo is: In a crisis everything helps, except greed.
Summers was economic advisor and finance minister under several US presidents, Blanchard worked for a long time as chief economist of the International Monetary Fund.
In the past few years neither of them have grown tired of warning of deflation, the dangerous combination of falling prices and shrinking economies that seized many countries in the early 1930s.
But in the past few weeks the star economists have made an astonishing U-turn.
Given government trillion programs and the ongoing glut of money that governments and central banks are using to counter the economic consequences of the corona pandemic, Summers and Blanchard have identified a new threat: the return of inflation.
Read more with Spiegel Plus
More perspectives, more understanding.
Your advantages with SPIEGEL +
Icon: Check
SPIEGEL as a magazine
as an app, e-paper and on the e-reader
Icon: Check
All articles on SPIEGEL.de
Exclusive texts for SPIEGEL + readers
Icon: Check
Try one month for free
Cancel anytime online
A price
only € 19.99 per month
One month for € 0.00
Try now for 0.00 € Buy nowArrow to the right
Already have a digital subscription? Register here
Restore iTunes subscription
SPIEGEL + is processed via your iTunes account and paid for with a purchase confirmation.
24 hours before it expires, the subscription is automatically renewed by one month at the current price of € 19.99.
You can cancel the subscription at any time in the settings of your iTunes account.
In order to use SPIEGEL + outside of this app, you must link the subscription to a SPIEGEL ID account immediately after purchase.
With the purchase you accept our general terms and conditions and privacy policy.
