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Daniel Lacalle, Daniel Lacalle of Tressis Gestion, described interventionist policy responses as repeatedly turning to money printing, regardless of whether the stated risk is deflation or inflation.
He argued that authorities often justify printing money by citing a supposed risk of deflation, or by downplaying inflation even when asset, real estate, and non-replicable good prices rise more than consumer price indices.
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Lacalle has previously reported on severe economic pressures in major economies. He described Iran’s rapidly accelerating economic collapse, citing inflation near 90% and a sharp currency devaluation. In another analysis, he noted that China’s government now spends 19% of its budget on debt interest payments, exceeding the U.S. federal share.