Inflation is often described as a technical economic problem, but its effects are deeply political. When money loses value, the costs are not shared equally.

In this episode, we explore how inflation redistributes wealth and power between debtors and creditors, workers and employers, renters and homeowners, governments and savers, and younger and older generations.

Why can inflation reduce the real burden of debt? Why do wages often rise more slowly than prices? How do asset owners protect themselves while people dependent on cash savings or fixed incomes fall behind? And why does fighting inflation with higher interest rates create a completely new group of winners and losers?

This episode reveals inflation as more than rising prices. It is a struggle over who can protect their purchasing power, who can pass costs to others, an ...