I think the only problem is everyone is still conditioned at some level to expect wage inflation, only it never seems to happen anymore for most.
From the 60’s until about the time the euro was created in January 1999 or so there was anything form high to very high inflation (+5% at least)
So I blame the Euro…
Poor Spain, tied to the dollar until 2002 they were condition to expect high inflation,
In Spain it is almost impossible to walk away or declare bankruptcy.
What to do…
