Some examples of high inflation / hyperinflation over the twentieth century include the United States in the 1970s, Argentina in the 1980s, Zimbabwe in the 2000s, and Venezuela in the 2010s. In each case, prices rose rapidly, and the currency became nearly
The United States experienced high levels of inflation in the 1970s. Prices rose rapidly for basic goods and services due to an increase in the money supply and a disruption in the production of goods and services.
The inflation rate hit between 11.35% and 13.5% in 1979, which caused people to lose buying power and made it difficult for those on fixed incomes. This period was particularly difficult for the United States, as it was dealing with high levels of inflation and other economic problems.
about high inflation rates can be difficult, as it can be hard to imagine what it would be like to experience prices rising by hundreds or thousands of percent each year. However, looking at Argentina’s inflation rate from 1980 to 2019 can help provide some perspective.
From 1980 to 2019, Argentina’s average inflation rate was 215.4% per year. This means that prices were rising by an average of more than
doubling every year. In some cases, the inflation rate was even higher, and in 1989 it reached a staggering 3,079%.
This was a very difficult time for Argentina, as it caused immense hardship for the population. People were struggling to afford basic goods and services, and the economy was in complete chaos. The currency became nearly worthless and bartering and the black market became more
The average inflation rate in Zimbabwe from 1980 to 2021 was 686.4% per year. In other words, a US dollar in 2021 is worth only about $0.15 in 1980. The highest inflation rate was 24,411.03% in 2007 and five billion% in 2008.
Inflation has been a big problem in Zimbabwe for many years. It’s one of the reasons why the country is so poor. The government of Zimbabwe is using 22-carat gold coins as its new currency. This is an effort to help control inflation and make the country’s economy stronger. However, it’s only one part of the solution. The government also needs to get control of its spending, reduce corruption, and increase economic activity. Only then will Zimbabwe be able to get out of
its current predicament.
In recent years, Venezuela has experienced high levels of inflation. The inflation rate was 130,060.20% in 2018 and 9,585.50% in 2019. This has caused great difficulties for the Venezuelan people, as prices have skyrocketed, and the value of their currency has plummeted. The Venezuelan
government has taken a number of measures to try to control inflation, but so far these have been unsuccessful.
The economic situation in Venezuela is further complicated by the fact that the country has large reserves of oil and other natural resources. However, due to mismanagement and corruption, the Venezuelan government has been unable to make effective use of these resources, and the country’s
economy has stagnated.
The combination of high inflation, economic stagnation, and political instability has led to a humanitarian crisis in Venezuela. Millions of Venezuelans have fled the country, and those who remain face severe shortages of food and medicine.
Other Notable Examples
There are many other examples such as Germany in the 1920s, Hungary in the 1940s, Greece in the 1970s, and Yugoslavia in the 1990s.
With all of these examples of the high inflation, could we be led to a one-world digital currency?
be (Part 2 of 2)
According to the World Economic Forum (WEF), Central Bank Digital Currencies are here to stay...The direction of the WEF brings about concerns that the Central Bank Digital Currencies (CBDC) are the mark of the beast.