we all know the thing where it’s like oh in the 60s x amount of money is equivalent to x amount in today’s time, and how people could earn a dollar for an hourly wage because it was worth more back then. is it possible to have a “reset” on inflation where we go back to spending/earning a dollar, or will it keep permanently increasing to where in the future 10k is chump change?
In: 15
It is but it kind of involves starting a whole new currency – even if it has the same name as the exiting one. Clearly if you just decided to “reset” the USD but ;et everyone keep what they had and spend it, you’d get hyperinflation as everyone becomes an awful lot richer overnight – so all existing bills and coins would have to cease being legal tender and be exchanged for new ones.
It happens every so often – Zimbabwe had hyperinflation and notes worth trillions of the currency. In the early 90’s you could buy 20000 Polish Zloty for 1 GBP; a few years later they’d revalued the currency and you got 5 or 6.
It is but it kind of involves starting a whole new currency – even if it has the same name as the exiting one. Clearly if you just decided to “reset” the USD but ;et everyone keep what they had and spend it, you’d get hyperinflation as everyone becomes an awful lot richer overnight – so all existing bills and coins would have to cease being legal tender and be exchanged for new ones.
It happens every so often – Zimbabwe had hyperinflation and notes worth trillions of the currency. In the early 90’s you could buy 20000 Polish Zloty for 1 GBP; a few years later they’d revalued the currency and you got 5 or 6.
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