Inflation is the silent tax on savings. At 3% annual inflation — roughly the historical average in developed economies — the purchasing power of a dollar is cut in half in approximately 24 years. Money sitting in a savings account earning 0.5% is not simply growing slowly; it is losing real value every month.The impact of inflation on different asset classes varies dramatically. Cash...

Economic inequality has been widening in most developed economies for four decades, but its political salience has intensified dramatically in the past decade. The concentration of economic gains during both the long expansion of the 2010s and the post-pandemic recovery in the hands of asset owners — particularly those with significant equity portfolios and real estate — while median wage earners experienced stagnating real...