A wall of money is about to hit enfeebled economies, sending inflation higher Read this exclusive extract from our Economic Intelligence newsletter and sign up at the bottom of the article to get it every Tuesday 21 April 2021 • 12:00pm Spend, invest or hoard; what is to become of the savings glut accumulated in more than a year of Covid? The answer to this question may determine whether it is an inflationary future we need to look forward to, or more of the deflationary same, observable for the best part of the last decade. The case for some kind of secular shift into a new inflationary age is many faceted, but at least in part it depends on the idea of a dam burst of pent-up demand, as some large part of the money that could not be spent because of lockdown comes pouring back into the economy, creating a mini-boom.