An interesting observation from SocGen's Dylan Grice, who in his latest note discusses how currency debasement leads to social debasement:
A similar dynamic seems evident during Europe's medieval inflations, only now, the confused and vain effort to make sense of the enveloping turmoil saw the blame focus on suspected witches. The following chart shows the UK price index over the period with the incidence of witchcraft trials. Note the peak in trials coinciding with the peak of the price revolution.
Comentarios