Sharpshooter said:
eric76 said:
itsyourboypookie said:
Biden has ushered in hyperinflation.
Will it ever go down?
Inflation, but nowhere near hyperinflation.
You are a fuuny man, he, she, it, However, love you.
Have you no understanding of what hyperinflation even is?
We are suffering from inflation and those responsible should go to prison. But it is nowhere near hyperinflation.
Looking up the definition with Google, we find the wikipedia page which states:
Quote:
In 1956, Phillip Cagan wrote The Monetary Dynamics of Hyperinflation, the book often regarded as the first serious study of hyperinflation and its effects[5] (though The Economics of Inflation by C. Bresciani-Turroni on the German hyperinflation was published in Italian in 1931[6]). In his book, Cagan defined a hyperinflationary episode as starting in the month that the monthly inflation rate exceeds 50%, and as ending when the monthly inflation rate drops below 50% and stays that way for at least a year.[7] Economists usually follow Cagan's description that hyperinflation occurs when the monthly inflation rate exceeds 50% (this is equivalent to a yearly rate of 12,874.63%, so that the amount becomes 129.7463 times as high).[5]
The International Accounting Standards Board has issued guidance on accounting rules in a hyperinflationary environment. It does not establish an absolute rule on when hyperinflation arises, but instead lists factors that indicate the existence of hyperinflation:[8]
The general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency. Amounts of local currency held are immediately invested to maintain purchasing power;
The general population regards monetary amounts not in terms of the local currency but in terms of a relatively stable foreign currency. Prices may be quoted in that currency;
Sales and purchases on credit take place at prices that compensate for the expected loss of purchasing power during the credit period, even if the period is short;
Interest rates, wages, and prices are linked to a price index; and
The cumulative inflation rate over three years approaches, or exceeds, 100%.
In just which recent month has inflation been 50% or more for that month?
Calling our current inflation by "hyperinflation" is nothing but ignorant.
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