It is a term to describe rapid, excessive, and out-of-control general price increases in an economy. While inflation is a measure of the pace of rising prices for goods and services, hyperinflation is rapidly rising inflation, typically measuring more than 50% per month.
Although hyperinflation is a rare event for developed economies, it has occurred many times throughout history in countries such as China, Germany, Russia, Hungary, and Argentina.
Hyperinflation occurs when prices have risen by more than 50% per month over a period of time. For comparative purposes, the U.S. inflation rate as measured by the Consumer Price Index (CPI) is typically less than 2% per year, according to the Bureau of Labor Statistics. The CPI is merely an index of the prices for a selected basket of goods and services. Hyperinflation causes consumers and businesses to need more money to buy products due to higher prices.
Whereas normal inflation is measured in terms of monthly price increases, hyperinflation is measured in terms of exponential daily increases that can approach 5 to 10% a day. Hyperinflation occurs when the inflation rate exceeds 50% for a period of a month.
Despite my criticisms, I have generally felt that our public health officials have done a reasonable job. I’d give them something in the C+ to B range. This grade does not include the colossal testing failure, which I suspect was thanks to bureaucrats who we may discover are not public health people at all. But there is another major test that has been failed, and this one is squarely in the laps of our ‘expert’ health officials.
This failure concerns masks.
We have known for a very, very, very long time that masks have great potential to curb the spread … continue reading...