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Carpal Tunnel
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I’m getting the idea that inflation is a symptom of a flawed economic system

Bingo.


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I have a sense that this relates to the topic, so I’m putting it here - but without commentary. It’s interesting enough on its own.

Efficiency vs resilience


You never change things by fighting the existing reality.
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Inflation is a means of lowering debt automatically. I had mortgages in the past, and after a decade or two, they were very easy to pay off because of inflation. Of course this requires fixed-interest loans, with inflation higher than the interest rates. I wonder of this is related to the Jubilee concept form the Middle Ages in Europe.


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Isn't inflation too many dollars chasing too few goods?

Hmm


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Inflation is complex. Consider Venezuela. They have the highest inflation, I think, in the world. They don't have too much money so much as faith has been lost in their money. It takes thousands of their money to buy one American dollar! The Socialists took over and, literally, destroyed their economy. Took them from the 6th richest country in the world to being flat out bankrupt. They no longer have much production, no food, no medicine, just a lot of people and many have abandoned the country as well.

I am not sure but, I suspect, money is no longer really backed by anything but faith and when that goes its the end until somebody gets it together and, again literally, starts all over again. Given the troubles we are currently happening, where many are losing faith in government and the current political system, we could join that club unless we are careful.

Another one of them; "In the fullness of time ......" deals.

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You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.
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The more I hear about inflation, the more convinced I am that it is a symptom of systemic chaos and dysfunction.


You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.
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There is a big difference between healthy inflation economists aim for, and hyperinflation. The Fed tends to be more afraid of deflation than a little inflation.


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Originally Posted by Greger
Quote
I’m getting the idea that inflation is a symptom of a flawed economic system

Bingo.
I’m also getting the idea that the main flaw in every system is human “nature”.


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You are almost right which your reference said. Oil price was the problem and Chaves was the solution and Chaves was a Socialist and just went too far. Then he died and they got Maduro who, I think, was simply not qualified and has proved that (he was also a Socialist). Going too far as one of the serious diseases of politics. We are getting a bit of experience in this, right now (as far as I am concerned). Once a politician takes a stand, especially a popular one with some true believers, the ride begins. Trump tried that and failed (but he is still trying).

Here is another link: https://www.bbc.com/news/world-latin-america-48121148

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