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Hyperinflation shifts wealth to the government and the ruling class at the expense of stable middle- and upper-income citizens. People rush to spend their money before it loses value.
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
Rising inflation has been emerging as a great cause for concern globally. Supply chain disruptions due to COVID-19 and prolonged ultra-easy monetary policy have led to such a scenario.
The hyperinflation under the Chinese Nationalists from 1939 to 1945 is a classic example of a government printing money to pay civil war costs. By the end, currency was flown in over the Himalayas, and then old currency was flown out to be destroyed. Hyperinflation is a complex phenomenon and one explanation may not be applicable to all cases.
Even more so than hyperinflation, chronic inflation is a 20th-century phenomenon, being first observed by Felipe Pazos in 1972. [2] High inflation can only be sustained with unbacked paper currencies over long periods, and before World War II unbacked paper currencies were rare except in countries affected by war – which often produced extremely high inflation but never for more than a few ...
According to a recent ABC/Ipsos poll, voters currently see the economy and inflation as the most important issues. The economy is usually top-of-mind in most elections, but having been through the ...
In the long term, the reforms paved the way for economic recovery, with the GDP growing steadily to about 6–7% between 1995–7, falling to a low of 1.2% in 2001 before rising back up to the 6–7% region by 2007, [42] often led by small service businesses, long suppressed by the Communist government. [43]
Hyperinflation is an extreme … Continue reading ->The post What Is Hyperinflation and Why Should You Care? appeared first on SmartAsset Blog.