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Patrick says
https://boriquagato.substack.com/p/kitten-corner-the-inflation-diet
That was the 'logic' of Weimar Germany too. That's why the Reichsbank kept printing and printing and printing.
Bet you can find the same kind of crap happened in Zimbabwe as well.
See's CandiesFor years, my Aunt Caroline in LA would send her standard gift of See's Candies every Christmas and I always had dibs on the two pieces of mocha--oblong with little decorettes all over it. Several years ago I went to Dallas to hear the Singapore Slingers play at a venue in North Park Mall. I went early so I could explore it since I hadn't been there in a long time and I made a bee line for the See's Candy Store. I told the employee which one I wanted and she gave me two complimentary pieces! After Aunt Caroline died, I missed those for years!
Those were incredible times. The inflation began slowly around 1921 and climbed for a year or two. By the end of that period ten marks had become the value of one mark. But in 1923 it started to climb like wild fire. A hundred or a thousand marks bought you what you used to get for a mark, then into the millions. Finally it took hundreds of millions and billions of marks to buy a towel or something. There were ordinary postage stamps that were the value of one billion marks. One billion marks to post a letter.
During the inflation the wage rates changed every day, and then, at the height of the inflation, twice a day. At the end of the day you got your day’s pay. You had to spend it right away because the next day your cash would be worth a half or less of what it was the day before. The stores stayed open late just for that. They were trundling truck loads of cash back and forth from the banks to the factories every day. Whatever money anyone had managed to save was completely lost.
At the beginning of the inflation I had saved up a hundred marks towards a sewing machine. When I saw what was happening to the value of the money I decided I'd better buy something quick, but I had waited too long. Because all I got for that hundred marks, which was quite a few months’ saving, was a skimpy blouse — made of paper. Money was literally not worth the paper it was printed on. But that was nothing, many people who had their savings in bank accounts or government bonds lost everything they had managed to scrape together during their entire lives for their retirement.
Once the inflation really started it was a runaway. The banks just took the bills in and printed over them. Ten marks would have a thousand mark printed over it and later it would be printed with 100,000 mark. You could see how things were starting to break down. Some towns began to issue their own scrip tied to local values and exchange. Naturally, that didn’t work either.
Finally, there was a revaluation and each person could turn in so much of the previous money, if they hadn’t spent it for nothing already, and get a small amount of new currency. It was very little, 200 marks or so. And the rest was all lost. I’m not sure how they did manage to stabilize the currency, but once the government decided to take action they did it.
Of course all the little people who had small savings were wiped out. But the big factories and banking houses and multi-millionaires didn’t seem to be affected at all. They went right on piling up their millions. Those big holdings were protected somehow from loss. But the mass of the people were completely broke.
And we asked ourselves, “How can that happen? How is it that the government can’t control an inflation which wipes out the life savings of the mass of the people but the big capitalists can come through the whole thing unscathed?” We who lived through it never got an answer that meant anything. But after that, even those - people who used to save didn’t trust money anymore, or the government. We decided to have a high-ho time whenever we had any spare money, which wasn’t often.
Why didn't people just immediately buy gold or silver when they got money
all the little people who had small savings were wiped out.
Why didn't people just immediately buy gold or silver when they got money? At least it would hold value more or less.
Why didn't people just immediately buy gold or silver when they got money? At least it would hold value more or less.
During the inflation the wage rates changed every day, and then, at the height of the inflation, twice a dayAnd it was the same when you ordered a meal out. You paid for the meal up front because the price would have gone up by the time you finished it.
Yellen Throws Biden Under The Bus On Runaway Inflation: She "Wanted" $1.9 Trillion Stimulus Cut By A Third
Perhaps the most idiotic thing to ever come out of the Biden administration - and there has been plenty to choose from - was the repeated lie that (trillions in) stimulus does not cause runaway inflation, but rather lowers it. ...
Only instead of taking one for the team of senile, clueless economists and Putin puppets (because if there is any admin that has done the Kremlin's bidding by sending oil prices to near record highs, it is Biden's) especially after the so-called "president" made it clear he will blame Powell and the Fed ahead of the midterms for his admin's catastrophic MMT policies which have assured an avalanche this November that will hand control of Congress to republicans on a silver platter...
... Yellen has decided to strike back, and as Bloomberg reports citing an advance copy of the Treasury secretary's biography- due out on Sept. 27, just weeks before the midterms - the treasury secretary initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third "worried by the specter of inflation"... the same stimulus plan that she herself said last March would not lead to an inflation problem. But, in retrospect, she appears to have changed her mind. ...
Of course, it's too little too late now, and with even the liberal media turning on Biden, Yellen's last-ditch attempt to preserve some of her reputation in the twilight of her career, and life, will be a miserable failure just like Biden's entire administration...
assured an avalanche this November that will hand control of Congress to republicans
Why didn't people just immediately buy gold or silver when they got money? At least it would hold value more or less.
richwicks saysTEOTWAKI
should be AWKI.. as we know it
Buy silver chains and cheap rings. Preferably at the Flea Market from a long time vendor there.
You don't want to be flashing gold coins and expensive bling at the Black Market when TEOTWAKI. The security guards will call their gang pals (probably the same group hired to be guards) and follow you home, and they will have more weapons and be more of them.
Say "Oh, this is my last thing, my grandma gave me this for my Communion, but my kids really need to eat."
AmericanKulak saysTEOTWAKI.
The
End
Of
The
World
but I don't get AKI.
We will see at least 50% inflation from 2020-2026
Creditors are going to get shafted hard. Couldn’t happen to a nicer bunch of ASSHOLES!
That means your million dollar shack will be worth $1.5 million, but your $800,000 debt will be “worth” $600,000 in inflation adjusted value.
Shaman saysWe will see at least 50% inflation from 2020-2026
If my arithmetic using the exponential is right, 50% price rise in 6 years is 6.7% annualized. Yikes.
Inflation will be higher for longer — and you’re not going to like what comes next
Prices for oil, natural gas, food and other goods will stay elevated while economic growth slides, bringing stagflation. Let’s review six factors now shaking the U.S. and global economies that set the stage for stagflation:
1. Oil
2. Natural gas
3. Food
4. Interest rates
5. Supply-chain problems
6. Deglobalization
https://www.marketwatch.com/story/6-reasons-inflation-will-stick-around-longer-and-youre-not-going-to-like-what-comes-after-11653415808?mod=home-page
Inflation costing Americans an extra $460 per month, analysis says
https://nypost.com/2022/06/10/inflation-costing-americans-an-extra-460-per-month-analysis/
Inflation costing Americans an extra $460 per month, analysis says
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https://patrick.net/post/1344548/2022-04-11-putin-s-price-hike-failing-administrati
Frankly, I prefer my spaceship to have big tits and not fake inflated ones.
EDIT - numbers drop:
America goes back to the 80s: Surging gas prices and higher rents push inflation to 41-year high of 8.5% as White House blames it on Putin invading Ukraine
The consumer price index rose 8.5% in March from a year ago, the fastest increase since December 1981
Housing costs, which make up about a third of the index, have escalated and show no signs of cooling
Gasoline prices soared 49% in March from a year ago as the war in Ukraine rocked energy markets
Biden's administration tried to get ahead of the dire inflation news by blaming Russian leader Vladimir Putin
But Republicans place the blame for soaring prices on 'Democrats' reckless spending and failed policies'
https://www.dailymail.co.uk/news/article-10711311/Inflation-soars-new-41-year-high-8-5.html?source=patrick.net