Inflation has led to political revolutions since Medieval times and we may be witnessing the fifth such great revolution in history unfolding in the Middle East and in our own country right now, said Dr. Ed Yardeni, president and chief investment strategist of Yardeni Research.
Yardeni cites the work of historian David Hackett Fischer, who described civilization’s first four major inflation cycles in his 1999 work The Great Wave: Price Revolutions and the Rhythm of History. The first price change wave was during Medieval times, culminating with The Black Death. The next three occurred in the 16th century, the 18th century and the turn of the last century. Each wave lasts about 100 years, according to Fischer’s work.
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