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Annual changes in the cost of living are climbing the most in a decade, with a measure of global inflation compiled by the International Monetary Fund forecasting 2021 price rises to be the the steepest in a decade. With nobody hitting the mall to buy goods in 2020, prices slumped or flat-lined, so the recent increases versus a year ago appear larger and feel doubly painful for consumers. A U.S. gauge is up more than 5% this year for the first time since 2008, Brazil’s inflation has topped 10%. Turkey may report a 20% annual pace next week.
Twitter CEO Jack Dorsey sent out a tweet on October 22nd, stating “Hyperinflation is going to change everything. It’s happening” Chief Economist, First Trust Portfolios LP Brian Wesbury replied with “I can understand a non-economist mistaking inflation and hyperinflation, but commenting on it from a position of power is interesting. Hyperinflation is when excess money printing (which we have) meets a collapse in production (which we don’t have). Inflation: yes. Hyper: no”.
For context, the Labor Department’s consumer price index (CPI), which is a commonly used measure for inflation, has increased by 5.4% over the past 12 months. That’s the highest annual rate increase in the U.S. since 2008, but it’s still far below the threshold for hyperinflation.
This led to a flood of replies from the public, scrutinizing the perspective Brian Wesbury provided or lack there of. The fact that he said we’re not experiencing a heightened lack of production is a blatant lie. Typically, an economy has to see an inflation rate of greater than 50% for at least a month before economists use the hyperinflation label. Which only half way defends half of Wesbury’s argument. So we’re not experiencing “HYPER-inflation”, however we’re seeing that 5.4% inflation rate topping 2008’s statistics. Economists say the inflation will subside post-COVID, and that it’s nothing to worry about.
“Hyperinflations are rare birds. By my count, there have only been 62 episodes of hyperinflation in world history, and none have occurred in the United States,”Steve H. Hanke, a professor of applied economics at Johns Hopkins University and an expert in the area of hyperinflation.
Investor Cathie Wood made a similar argument. She even thinks we’ll see prices fall after the holiday season. While this is good, we can’t forget that this conversation wouldn’t be such an issue if the President wasn’t STILL proposing a $3.5 trillion dollar infrastructure bill. David Rosenburg also chimed in stating that this will pass, and we should realize our gains.
“As everybody chases the market, my advice is to start taking chips off the table at these levels,”David Rosenberg
So perhaps hyperinflation is not how you would categorize the state of our economy. With the experts claiming that the public outcry is unwarranted, one might ask what the driving force is defending us from total economic collapse amid the manufactured crises. The Answer is technological innovation, and globalization. According to a study conducted by economists at Plos One, innovation of technology is defending us from the consequences of shutting down our nation.
The analysis using the New Keynesian Phillips Curve (NKPC) model suggests that technology and globalization will explain the low inflation dynamics in the U.S., as the impact of globalization on domestic inflation has been weakening over the past 20 years or so, while the impact of technology on inflation has been increasing. At present, technology exerts a greater role than globalization on low-inflation in the U.S.
With that being said, now is the perfect time for corporations with large sums of money to monopolize the coming technological revolution. Meta, for example is Mark Zuckerberg’s bright new idea. Instead of allowing the market to organically develop as software engineers are given an opportunity to show the world what they can create, Mark decides he’s going to spit in everyones face and name his company meta to monopolize the Metaverse.
We’re already experiencing the 4th industrial revolution, and we have no idea what the implications of this will be. But we’ve already seen what scifi novels have depicted what role the “metaverse” will play in the day to day lives of the sleeping masses. It would be a whole lot easier to control the public if you gave them a bunch of toys and let them enter a non existent universe where their imaginations run free. Meanwhile, poverty and death will plague society. Make no mistake, this is a dystopian future we’re headed towards. John 15:20 says this: “Remember what I told you: ‘A servant is not greater than his master. ’If they persecuted me, they will persecute you also. If they obeyed my teaching, they will obey yours also.” Stay inquisitive in the word of God, and the world around you.
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