The writer is a portfolio manager at Odey Asset Management
Governments have a long list of things they need to do. Most cost a lot of money. Recovering from the pandemic, dealing with climate change and “l(fā)evelling up” society are all essential, but very expensive, objectives. Currently, many governments are financing themselves through central bank printing presses. This cannot continue indefinitely without compromising the ability of central banks to keep inflation at an acceptable level.
Soon, governments will have to choose between losing control of inflation or giving up their policy objectives. Both are unpalatable choices that can lead to social disquiet. In the US and the UK there is an obvious solution: a wealth tax.
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