{"id":5185,"date":"2015-02-02T21:51:17","date_gmt":"2015-02-03T02:51:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5185"},"modified":"2015-02-02T21:51:17","modified_gmt":"2015-02-03T02:51:17","slug":"the-reason-for-hyperinflation-phobia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5185","title":{"rendered":"The Reason for Hyperinflation-phobia"},"content":{"rendered":"<h3><a href=\"http:\/\/mises.ca\/posts\/blog\/the-reason-for-hyperinflation-phobia\/\" target=\"_blank\"><span class=\"blue\">The Reason for Hyperinflation-phobia<\/span><\/a><\/h3>\n<p><em>The New York Times<\/em>\u00a0can be forgiven for blaming the empty shelves in Caracas to the plunge in oil. However, \u00a0a raging hyperinflation cleared the cupboards before the price of oil was cut in half. \u00a0William Neuman\u2019s front\u00a0<a href=\"http:\/\/www.nytimes.com\/2015\/01\/30\/world\/americas\/strict-rationing-in-venezuela-as-plunging-oil-prices-hurt-economy.html?_r=0\">page story<\/a>\u00a0illustrates what the NYT does best, making economic tragedies personal.<\/p>\n<p>Laboratory assistant Mary Noriega must stand in line for hours with 1,500 others just to buy food, \u201cas soldiers with side arms checked identification cards to make sure no one tried to buy basic items more than once or twice a week.\u201d Ms. Noriega has had to barter with neighbors to put food on the table.<\/p>\n<p>In Thomas Mann\u2019s epic short story describing life in Weimar, Germany, \u201cDisorder and Early Sorrow,\u201d the woman of the house, Frau Cornelius, similarly tries to keep food on the table,<\/p>\n<blockquote><p><i>The floor is always swaying under her feet, and everything seems upside down. She speaks of what is uppermost in her mind: the eggs, they simply must be bought today. Six thousand marks a piece they are, and just so many are to be had on this one day of the week at one single shop fifteen minutes\u2019 journey away.<\/i><\/p><\/blockquote>\n<p>Paul Cantor, in his analysis of Mann\u2019s story, \u201c<a href=\"http:\/\/mises.org\/sites\/default\/files\/rae7_1_1_2.pdf\">Hyperinflation and Hyperreality: Thomas Mann in Light of Austrian Economics<\/a>\u201d points out \u201chow one government intervention in the economy immediately leads to others. Having produced scarcities in the market with their inflationary policies, the authorities introduce new regulations to try to deal with the irrationality they themselves created.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reason for Hyperinflation-phobia The New York Times\u00a0can be forgiven for blaming the empty shelves in Caracas to the plunge in oil. However, \u00a0a raging hyperinflation cleared the cupboards before the price of oil was cut in half. \u00a0William Neuman\u2019s front\u00a0page story\u00a0illustrates what the NYT does best, making economic tragedies personal. Laboratory assistant Mary Noriega [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2492,379,413,1775],"class_list":["post-5185","post","type-post","status-publish","format-standard","hentry","category-economics","tag-caracas","tag-government","tag-hyperinflation","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5185"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5185\/revisions"}],"predecessor-version":[{"id":5186,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5185\/revisions\/5186"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}