过去50年“大开印钞机”，是“人类历史上通胀最严重的半个世纪”

Core Viewpoint - Deutsche Bank argues that the past 50 years represent the "most inflationary half-century in human history," countering the belief that we live in a relatively low-inflation world [1]. Group 1: Inflation Analysis - Since the collapse of the Bretton Woods system in 1971, global inflation has been analyzed across 152 countries, revealing that no country has maintained an average annual inflation rate below 2% [1]. - Switzerland has the best performance with an average annual inflation rate of 2.2%, attributed to its constitutional requirement to hold at least 40% of reserves in gold until 1999 [1]. - Jim Reid, head of global macro and thematic research at Deutsche Bank, emphasizes that the misconception of living in a low-inflation world is incorrect; we are in a prolonged high-inflation historical cycle [1]. Group 2: Inflation Trends and Government Response - The report suggests that since the decoupling of the dollar from gold, inflation has become a "convenient band-aid" for governments to address economic issues, leading to inflation through monetary expansion [1]. - Even in years where inflation appears mild, the long-term trend of inflation eroding purchasing power has not reversed, indicating that inflation is the norm rather than the exception [1]. Group 3: Global Inflation Disparities - The report highlights significant disparities in inflation control among countries, with 107 out of 152 countries having an average annual inflation rate exceeding 5%, and 55 countries exceeding 10% [4]. - Countries with better inflation control include Switzerland (2.2%), Japan (2.3%), Germany (2.7%), and the United States (3.9%), all maintaining rates below 4% [2]. - Conversely, countries suffering from severe inflation include Argentina (82.2%), Brazil (74.9%), Turkey (34.5%), and Russia (25.2%) [2].