On Apr 12, 2012, at 2:07 PM, Julio Huato wrote:
I know there's this so-called American exceptionalism.
No exceptionalism. It's a general proposition.
But, in Latin America, we had cases of hyper-inflation with huge
unemployment and no
invading force in sight.
You mean Argentina? But the inflation was precisely the result of the
state adopting a currency-board and thus giving up its economic
sovereignty. As soon as they cut loose from the US dollar inflation
became entirely tolerable (despite the squealing oligarchs). In
Russia inflation soared as the state disintegrated, remained high as
long as it took to dismember the profitable parts of the economy, and
fell again once their oligarchs had secured absolute control.
Where do you see endogenous hyperinflation despite the presence of
massive unemployed resources?
Shane Mage
"All things are an equal exchange for fire and fire for all things,
as goods are for gold and gold for goods."
Herakleitos of Ephesos, fr, 90
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