75.8 F
College Station
Friday, July 30, 2021

Here’s What I Learned From Living Through Massive Inflation In Argentina And The 1970s United States

Local News

College Station Bans Traditional Pet Shops

At Thursday's meeting, the College Station city council passed an ordinance that prohibits the sale of non-rescue dogs and cats in pet...

College Station to Vote on ROO in Special Meeting Today

The College Station City Council meets Monday at 4 p.m. at city hall to consider a Restricted Occupancy Overlay (ROO). The ordinance would allow single-family...

College Station Plans on Borrowing Additional $62 Million Without Taxpayer Vote

The College Station City Council voted to begin the process of issuing $62 million in certificates of obligations for capital projects. The...

Brazos Valley Hospitalizations Continue to Decline After Mask Order Rescinded

Texas Governor Greg Abbott issued Executive Order GA-34 on March 2, 2021, and the order went into effect on March 10, 2021....

The high inflation period the United States experienced under President Jimmy Carter is a time folks with a few years under their belts want to forget. After living overseas for several years, my family returned to the United States at the height of the Carter administration mess.

I needed a job, but there were no jobs available, and for the first time in my life I was told I was too qualified. I figured employers either didn’t want to pay me what I was worth or thought I would be too sassy with all my “knowledge.”

Without close family willing and ready to help, our three small children, born in India and Nepal, could have starved. I also remember, for the first time in my life, buying a compact car (used, of course) because gas prices had gone through the roof, if you could find a station that would pump any.

Imagine our surprise just a few years later when we arrived in Argentina and ran into hyperinflation even worse than the Carter catastrophe. We were somewhat sheltered because we received a moderate monthly salary in U.S. dollars. But even the use of American dollars could turn out to be a disadvantage, because most governments fighting hyperinflation try to use the exchange rate to keep down their own currency. For more than 35 years in South America, we lived under regimes where our U.S. dollars were usually worth about half of their real value because of those policies.

Every now and then, the forces of hyperinflation would become too massive to be defeated by the juggling of economic ministers who didn’t want to deal with real structural problems. The mess would finally explode into a huge devaluation of the local currency, with ministers and even presidents resigning. The country would be left with economic shambles, and people would be left holding currency that yesterday was worth 50 or 100 times more than today.

President Harry Truman purportedly said that if all the economists in the world were lined up, each would be pointing in a different direction. Economics, based on

Continue reading on thefederalist

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

State News

Fighting Honorably, In Context

As the saying goes, “Context is king.” Nowhere have I seen that so practically displayed as in Israel, where passages from the Bible spring...

Abbott’s Border Fence

Brandon is joined by Michael Sullivan to talk about the current events in the Texas House and Robert Montoya comes on to talk about...

Fighting Honorably

Righteous ends don’t justify dishonorable means. In this week’s podcast, Michael Quinn Sullivan talks about being in the cave where David decided to spare...

Texas Governor, Lawmakers Continue to Do Nothing to Protect Children From Mutilation Operations

AUSTIN — While Gov. Greg Abbott and representatives point fingers and talk in circles, they still have taken no action to actually stop medical...

Texas’ Debt Obligations Have State Headed for Hard Financial Times

Because of irresponsible spending practices by elected officials, Texas is $97 billion in debt. Texans can change course by demanding answers and better budgeting...

Continue reading on thefederalist