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Do you like it when prices go up? Inflation is a problem that many politicians have highlighted in their campaigns, by promising to “conquer inflation” or “deal with inflation.” And these promises get votes because this is what people want to hear.
However, did you also know that at the same time, there are some people who really like inflation? In fact, they like it so much that they literally pray for more of it? This sounds counterintuitive but let me cite this example. Iron Mountain Chief Executive Officer (CEO) William Meaney said the following when speaking to investment analysts in 2018, “It’s kind of like a rain dance. I pray for inflation every day I come to work.”
Inflation is generally defined as an increase in the prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of people’s money, everyone’s money. So then, who would be happy with a reduction in the purchasing power of the money in their pocket? And more importantly, why?As we all know,
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