What the 2008 Financial Crisis Tells Us About Today’s Inflation Surge https://www.wsj.com/articles/what-the-2008-financial-crisis-tells-us-about-todays-inflation-surge-11649263077
The eruption of the financial crisis 14 years ago and the surge of inflation in the past year both caught the experts largely by surprise. Both began in the U.S. and then spread around the world.
The return of inflation, like the 2008 financial crisis, may end up fundamentally altering policy makers’ mind-sets and priorities. That’s the key takeaway from a noteworthy speech Tuesday by Agustín Carstens, general manager of the Bank for International Settlements.
“We need to be open to the possibility that the inflationary environment is changing fundamentally,” Mr. Carstens, a former head of Mexico’s central bank, declared. “The lens we used to interpret economic developments since the 1990s may no longer be adequate.”
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