Hyperinflation

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Hyperinflation발음듣기

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We now know a little bit about inflation, deflation.발음듣기

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Now I want to introduce you to hyper, hyperinflation, and as the word implies, it’s inflation gone wild.발음듣기

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And the general idea how hyperinflation, or at least the cases that we’ve seen in modern times, how they’ve happened, is you have some type of a government just going wild with the printing press, they’re just printing a ton of money.발음듣기

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So the general cycle is they print money.발음듣기

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Let me draw it this way, so they print, they print like mad, they print like mad usually, because they don’t have any other way of getting revenue, they print like mad that leads to prices going up, prices going up, and then because prices goes up,발음듣기

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they have to print more in order to for them to able to get the same goods and services or pay the government workers what they wanted to pay the government workers, or pay the soldiers, what they wanted to pay the soldiers.발음듣기

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And on top of this, this is by self would probably drive the hyperinflation in and of itself.발음듣기

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But on the top of this, you can imagine, we’re used to thinking high inflation is five or ten percent, but you can imagine what happens when inflation is five or ten per hour.발음듣기

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Because then, there’s no incentive to be actually holding currency.발음듣기

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Every second that you hold currency it becomes worth less and less and less.발음듣기

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And so what happens in the scenario like this is people want to hoard hard assets.발음듣기

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So if the price of bread is going up by the minute, or by the hour, or the price of shoes are going up by the minute or by the hour.발음듣기

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The increase in prices is going to make people hoard things, I spelled “hording” wrong, hoarding.발음듣기

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Hoarding goes through the roof, and you can imagine if hoarding goes through the roof, if the shoe seller doesn't want to sell his shoes any more because -or he wants to hold them a little bit longer,발음듣기

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then the supply of shoes are gonna (going to) down, and the prices are gonna go up even higher, so hoarding leads even to higher prices.발음듣기

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If when people go to the bread market and there's five loaves of bread, they buy all of them and then the next person can't buy any, because they know the price of bread is going through the roof.발음듣기

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It just keeps getting worse and worse and it's all started by the government kind of just going nuts with the printing press.발음듣기

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The three most famous examples of this happening, probably the most famous one is what happened in Weimar, Germany, after World War I, they had huge reparations to pay, that’s what the Weimar Government would have argued was their main cause.발음듣기

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But they just printed money like crazy.발음듣기

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Some people said that they were almost trying to destroy the economy so that they wouldn't have to pay reparations for what they did in World War I.발음듣기

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But this just gives you a sense of how crazy it was, here’s the end of World War I, and they just printed money like mad and the inflation, it was pretty -it was- this isn’t the rate of inflation, this is how much was it relative to a gold mark, so this is one gold mark, over here.발음듣기

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So by, only after about two and a half years it was over ten fold.발음듣기

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And this is a logarithmic scale.발음듣기

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Each slash-year, this a factor of ten.발음듣기

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So by the end of 1923, you’re looking at this is what: not one hundred thousand, not or not a million, not a billion, this is a trillion.발음듣기

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It had gone up a trillion fold in the span of one, two, three, four, five, or was that six years.발음듣기

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The other famous examples of this is Zimbabwe, from 1980 until 2009, once again printing money like mad, and there’s some of their productive capacity went away.발음듣기

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This right here is a one hundred trillion Zimbabwe dollar, and this shows you the Zimbabwe dollar relative to the US dollar.발음듣기

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And once again this a logarithmic scale, this is ten to the 30th power.발음듣기

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And then the largest or the most extreme hyperinflation ever was Hungary after World War II, and this right here is a ten million pin go note, just to give you an idea of what people were carrying around their pockets.발음듣기

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