Leftist Twitter CEO Jack Dorsey warned late on Friday that “hyperinflation” would change life as people know it, it’s happening now, and it’s going to hit the U.S.
“Hyperinflation is going to change everything. It’s happening,” Dorsey wrote on Twitter, later adding, “It will happen in the U.S. soon, and so the world.”
Hyperinflation is going to change everything. It’s happening.
— jack⚡️ (@jack) October 23, 2021
It will happen in the US soon, and so the world.
— jack⚡️ (@jack) October 23, 2021
“Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy,” Investopedia explained. “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.”
The tweet comes with consumer price inflation running near a 30-year high in the U.S. and growing concern that the problem could be worse that policymakers have anticipated.
On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to last longer than previously expected,” noting that they could run “well into next year.” The central bank leader added that he expects the Fed soon to begin pulling back on the extraordinary measures it has provided to help the economy that critics say have stoked the inflation run.
A report from Bloomberg News last month said that one of the top concerns that clients of UBS Group AG have is “whether central banks’ massive stimulus could trigger hyperinflation.”
Former McDonald’s USA CEO Ed Rensi told FOX Business this week that Democrat President Joe Biden’s policies were “dramatically” impacting the supply chain crisis and inflation.
“I first experienced this back during the 70s, up into the 80s when we had stagflation, where prices of fuel [were] going up like crazy,” he said. “Transportation was limited. Distribution was limited. We had to raise prices. We had to address our opening and closing schedules in restaurants modified to menus, and we’re going through it again.”
“It’s been exacerbated clearly by COVID. But it’s also been impacted dramatically by the policy changes that President Biden made even before he was inaugurated,” Rensi added. “When he said he’s going to shut down oil, shut down the pipelines, move away from fossil fuel.”
Biden’s approval rating has plummeted in recent months as inflation has continued to skyrocket under his watch.
Larry Summers, who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama, warned this month that inflation is “worse” than expected.
“Well, I think we now have a gathering storm of inflation,” he continued. “And we’re likely to see some combination of that storm coming to fruition, or the central bank being forced to act to contain inflation with potentially serious financial consequences, or some combination of those two things. We’ve had labor market inflation wages at a seven and a half percent rate in the last month, we’ve had consumer price inflation close to a 6% rate over the last six months. We’ve had houses causing price inflation at over 20% over the last year, and almost none of that has yet been reflected in the price indices. I think they’re very serious reasons for concern.”
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