Anleger neigen dazu, den Zentralbanken viel Anerkennung für die mehr als 30 Jahre andauernde Desinflation zu zollen, die vor der Pandemie herrschte. Wir halten das für zu großzügig. Die Globalisierung hat die Märkte geöffnet und den Wettbewerb verstärkt. Um preislich wettbewerbsfähig zu bleiben, haben Unternehmen ihre Produktion ins Ausland verlagert, immer effizientere Lieferketten geschaffen und kontinuierlich versucht, die Kosten zu senken.
Dreißig Jahre Globalisierung führten zu dreißig Jahren zunehmenden Wettbewerbs und damit zu dreißig Jahren Desinflation. Dieser Prozess kehrt sich nun allmählich um. Die Märkte verlieren an Offenheit, Handelsbarrieren nehmen zu, und Unternehmen sowie Regierungen legen mehr Wert auf Widerstandsfähigkeit
Dreißig Jahre Globalisierung führten zu dreißig Jahren zunehmenden Wettbewerbs und damit zu dreißig Jahren Desinflation. Dieser Prozess kehrt sich nun allmählich um. Die Märkte verlieren an Offenheit, Handelsbarrieren nehmen zu, und Unternehmen sowie Regierungen legen mehr Wert auf Widerstandsfähigkeit
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