by More bloviating. Every one of the scores of known cases of hyperinflation dating back over 700 years bears witness to a reckless, breakneck campaign of money creation preceding it. Post hoc, propter hoc fallacy.All hyperinflations can be traced to scarcity of real resources for different reasons preceding money creation. Weimar was the result of war reparations. Zimbabwe was the result of fall in production. Venezuela was the result of pegging its currency to the dollar, thereby abandoning currency sovereignty.See, for example, Cullen Roche, Hyperinflation - It's More than Just a Monetary Phenomenon (2011).What's Earle's "solution"? No, not gold. Bitcoin.American Institute for Economic ResearchWhy MMT (Ultimately) Doesn’t Matter Peter C. Earle
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More bloviating.
Every one of the scores of known cases of hyperinflation dating back over 700 years bears witness to a reckless, breakneck campaign of money creation preceding it.Post hoc, propter hoc fallacy.
All hyperinflations can be traced to scarcity of real resources for different reasons preceding money creation. Weimar was the result of war reparations. Zimbabwe was the result of fall in production. Venezuela was the result of pegging its currency to the dollar, thereby abandoning currency sovereignty.
See, for example, Cullen Roche, Hyperinflation - It's More than Just a Monetary Phenomenon (2011).
What's Earle's "solution"? No, not gold. Bitcoin.
American Institute for Economic Research
Why MMT (Ultimately) Doesn’t Matter