The invention relates to a compressed air inhaler for the pulmonary application of a liposomal powder aerosol that carries active agents or is uncharged. The aim of the invention is to provide an inhaler by means of which the pulmonary application of especially liposomes that carry active agents is possible without forced breathing manoeuvres and by means of which the active agent can be transferred to the desired place of action in a sufficient amount without the active agent escaping. To this end, said compressed air inhaler comprises a receptacle (20) for the aqueous dispersion of liposomes. The liposomes carrying the active agents are dispersed in water in said receptacle. The receptacle is connected to an anatomising nozzle (1) and to a drying unit (17) via a device that doses liquids (19), whereby the drying unit can be an atomising chamber for spray drying the liposomes. An outlet (18) and a mouth piece are joined to said drying unit. The anatomising nozzle (1) is provided with separate supply channels (14, 16) for the compressed air and the dispersion of the liposomes (fig.1). The invention also relates to a novel powder aerosol consisting of liposomes or nanoparticles.