Economy

Why Inflation Is Structural, Not Temporary

Wêrom Ynflaasje Struktureel Is, Net Foarbygeand

June 14, 2026 · Frisian News

Central banks expanded money supplies dramatically since 2020, yet inflation remains stubbornly above 3% even as supply chains normalized. Inflation is not temporary but structural, driven by lasting policy choices, debt accumulation, and economic shifts that will reshape the economy for years.

English

Central banks expanded the money supply by 35-40% between 2020 and 2023, yet inflation has remained stubbornly above 3% even as global supply chains normalized. The mainstream story sold to the public was simple: this was temporary. Semiconductors would flow again. Ships would move. Energy prices would fall. None of that excuses what actually happened.

The Federal Reserve, ECB, and Bank of England flooded markets with cheap credit because politicians wanted to avoid a recession. Trillions in new money chased the same goods. Banks profited. Asset owners saw their portfolios balloon. Workers watched grocery prices climb. This wasn't an accident. This was policy, and it was chosen. Central bankers still pretend they were merely responding to an emergency, but they had other options. They chose not to take them.

Inflation persists because the underlying drivers remain in place. Government debt sits at historic levels. Aging populations mean fewer workers and higher costs for pensions and care. The transition away from cheap fossil fuels and toward clean energy raises production costs across the economy. Supply chains are deglobalizing, not returning to 2019 efficiency. These changes don't reverse in a quarter or two. They reshape the economy for a generation.

Central bankers still talk about inflation as though it will vanish once interest rates do enough damage to demand. This narrative serves them. If inflation is truly temporary, they aren't responsible. If it's structural, their own decisions to print money accelerated a shift they should have seen coming. The longer they pretend, the longer they avoid accountability. Markets are beginning to price in a different future: one where inflation is the baseline, not the aberration.

This matters because it determines who wins and who loses. Savers lose. Debtors, governments, and asset owners win. That's not recovery. That's redistribution by stealth, and it's being sold as stability.

Read next

Economy

€32 Million a Year: Spain Quadruples Union Subsidies as Membership Hits Record Low

Economy

$368.7 Million in Wildfire Funds Went to Housing. None Was Reserved for Fire Victims.

Economy

69,799 Seven-Year-Olds on UK Disability Benefits, More Than Adults Aged 50

Read this story in Frysk

Frysk

De sintrale banken hawwe de jildmassa tusken 2020 en 2023 mei 35-40% fergrutte, mar ynflaasje bliuwt halsstarrich boppe de 3% hingjen, ek al normalisearre de wrâldwide leveringsketen him. It ferhaal dat oan it publyk ferteld waard, wie ienfâldich: dit wie foarbygeand. Healgelieders soene wer streamje. Skippen soene farre. Enerzjypriizen soene falle. Neat dêrfan rjochtfeardiget wat der wurklik barde.

De Federal Reserve, ECB en Bank of England oerstreamden de merken mei goedkeap kredyt, omdat politisy in resesje foarkomme woene. Biljoenen yn nij jild joechen nei itselde guod. Banken profitearre. Besitters fan fermogen seagen har portefûljes groeie. Wurknimmers seagen de priizen fan iten omheech gean. Dit wie gjin ûngelok. Dit wie belied, en it waard keazen. Sintrale bankiers dogge noch altyd as soene sy allinnich reagearje op in needtastân, mar sy hiene oare opsjes. Sy keazen derfoar dy net te nimmen.

Ynflaasje bliuwt, omdat de ûnderlizzende oarsaken noch altyd oanwêzich binne. De oerheidsskuld sit op histoaryske nivo's. In fergrize befolking betsjut minder wurknimmers en hegere kosten foar pensjoenen en soarch. De oergong fan goedkeape fossile brânstoffen nei skjinne enerzjy ferheget de produksjekosten yn de hiele ekonomy. Leveringsketens deglobalisearje, sy keare net werom nei de effisjinsje fan 2019. Dizze feroarings keare net om yn ien of twa kwartalen. Sy foarmje de ekonomy om foar in generaasje.

Sintrale bankiers prate noch altyd oer ynflaasje as soe dy ferdwine sadree't rintetariven genôch skea bringe oan de fraach. Dat ferhaal tsjinnet har. As ynflaasje wurklik foarbygeand is, binne sy net ferantwurdlik. As it struktureel is, fersnellen har eigen besluten om jild te drukken in ferskowing dy't sy hiene oan komme sjoen. Hoe langer sy sa trochgean, hoe langer sy ferantwurding mije. Merken begjinne al te rekkenje mei in oar takomstbyld: ien dêr't ynflaasje de noarm is, net de ôfwiking.

Dit is wichtich, omdat it útmakket wa't wint en wa't ferliest. Sparders ferlieze. Skulders, regearingen en besitters fan fermogen winne. Dat is gjin herstel. Dat is werferdeling yn it geheim, en it wurdt ferkocht as stabiliteit.

Published June 14, 2026 · Frisian News