They should have learned from the hyperinflation in the US that resulted from the vast money printing that happened after the 2008 property bubble burst. I know that inflation for the next decade was sub-2%, but if you think that's low, you're just showing your privilege. You can't dodge gravity.
Hyperinflation is at least double digits month over month for a considerable stretch of time, arguably even more than that. Turkey comes to mind. The Western world is incredibly far from that and was nowhere close to it in 2008.
what makes hacker news appealing is the very few reddit style, low effort comments. You should explain your viewpoint instead of this cringy /s business, everyone would be richer for it
You mistook the /s for an attack on the comment above it, when it was actually a completion of my own grandparent comment. There was not inflation, even when some inflation was desired, after an almost inconceivable amount of money printing.
I know it's my own fault for thinking of Poe's Law as a target rather than a pitfall. Sadly, for me satire/sarcasm isn't good unless the target of it sometimes can't tell that it is satire. It's evidence that I've treated them fairly.
edit: note that cm2187 understood that, and formulated a direct, thoughtful reply.
edit: also note (although you can't see it) that after I explained the "/s" wasn't an attack but an affirmation of the reply that told the truth about hyperinflation, that it wasn't a goldbugging Libertarian smirk, the upvotes started disappearing. Poe achieved.
To be dead honest, and not trying to insult anyone, in real life when I assert two contradictory things within two short sentences about any subject, the people who are listening to me who agree with those sentences immediately start to make their case to me why those two statements aren't contradictory.
It's only on the internet where I can assume that people will show up who really think that I believe that stubbornly low <2% inflation is hyperinflation, and attempt to excoriate or support me.
no its just lame reddit style low effort comments, like writing "This!! SO much THIS!!!", brings nothing to any discussion. I don't care if you attack or write something bizzare or rude, as long as you write something thought out and coherent(or insane as long as it is interesting).
It was technically before the US was officially founded (counting from the adoption of the Constitution), but the Continental currency printed by the Continental Congress during the Revolutionary War was inflated to such a degree that a banknote in 1781 had only 1/40 of its original value in 1776, and was finally redeemable at only 1% of its face value in the 1790s, thus leading to the expression "Not worth a Continental".
Because of the way it was introduced (in the financial system), there was inflation, it created an asset bubble. Asset managers, hedge fund managers, VC investors got rich, and the cost base of this population (prime real estate, restaurants in city centres, tuition fees) inflated too. That's not captured in CPI indices. Part of it was also neutralised through massive liquidity requirements imposed on banks, and the multiplier effect of banks was also killed with capital ratios / forcing banks to deleverage. But that's done now and the said requirements aren't increasing anymore.
What changed with the covid money printing is that it was distributed directly in people's pockets. Also its scale and pace dwarfed the previous 10 years of QE.
I have no good explanation for Powell to have kept printing money like there was no tomorrow after Feb 2021, after the first >7% inflation prints. I suspect he must have made a deal with Biden to let the inflation go (helped Biden's policies) in exchange for renewing his mandate. The ECB is run by a lawyer who probably had to look up on wikipedia the definition of inflation.
I don't know that the inflation of luxury goods is a bad thing, because that's going to trickle down. It's the damage to (inflation of) housing, for me, that begs for intervention.
