a thoughtful web.
Good ideas and conversation. No ads, no tracking.   Login or Take a Tour!
comment
kleinbl00  ·  3991 days ago  ·  link  ·    ·  parent  ·  post: Bits and Barbarism

    Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. This is not a way of life at all in any true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron.

-Dwight D. Eisenhower, April 16, 1953

Something often missed in discussions of hyperinflation is that it's a brutally effective way to eliminate foreign debt. In amongst that list of hyperinflators are Brazil and Russia, half of the BRIC countries. Hyperinflation was, arguably, a reason why Germany was able to rebuild a war machine while simultaneously avoiding reparations for WWI. Economy mismatch is a troubling problem for economists. They rarely model it correctly. The plot of Goldfinger (irradiate all the gold in Fort Knox, thereby destabilizing central banks and causing world mayhem and rocketing gold prices) was basically the plot of the Nixon Shock which ended Bretton-Woods. There was decidedly not panic in the streets.