We are now in a position where consumer debt will unlikely be allowed to grow, in fact shock horror it will have to be repaid. And unfortunately energy and food prices are rising and the falling pound will make all imports more expensive.
So between the rock and the hard place wages will have to rise and that will underpin an inflationary spiral that will eventually wipe out debts and pensions.
Before that, property will fall 35%+ before getting sucked up into hyperspace.
The fact is that profits are as much a "cause" of inflation as are wages. But that is, to coin a phrase, an Inconvenient Truth.
Maybe returns to rentiers are overdue a correction, eh? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
