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by briggsbio
5495 days ago
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My in-laws left Argentina 30 years ago and still have much of their family there. I showed this article to them and their reply was simply, "the US is heading this way. We've seen this movie, and we don't like the way it ends." |
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I grew up in post-communist Romania, and I've also seen this movie before. Immediately after 1990 (the fall of communism) money started losing their value. At the beginning money were losing their value by "only" 40-50% per year, to a maximum of ~150% inflation rate in the late '90s. It was only in the mid 2000s' that the inflation rate first dropped to single digits.
I can still remember reading Malthus in high-school, and about how he was saying that the middle-class people are always the worst affected by the economic crisis. What can I say? My parents went from a secure, middle-class position (apartment, car, country-house) to relying on subsistence-agriculture in the space of maximum 10 years. And they weren't the only ones.