Oddbean new post about login | logout Hyperinflation doesn’t look like you think: In popular imagination, hyperinflation evokes images of impoverished citizens roaming the streets with bundles of devalued currency, desperation palpable in every corner, chaos unfolding, and criminal activities escalating. Yet, reality often presents a more nuanced picture, showcasing the indomitable human spirit and its capacity to adapt. Take Turkey as an example. Far from the stereotypes, it's a vibrant nation with its citizens displaying resilience and intelligence in the face of economic challenges. The people here have cultivated a habit of seeking safety in tangible assets like gold, stablecoin and bitcoin, shielding their wealth from the eroding effects of hyperinflation. Such practices reflect not just an economic strategy but also a deep-rooted cultural wisdom, passed down generations, about the impermanence of fiat currency and the enduring value of precious metals. This narrative shatters the simplistic understanding of hyperinflation, emphasizing instead the versatility and determination of communities to survive and thrive amidst adversity. We are amazed and full of appreciation for the people of Turkey. 🧡💪 https://image.nostr.build/bea9c78b8845a8300de9b6639e4e911cf07b1f3697fb965d7a739b7377687ecd.jpg https://image.nostr.build/45891981a16c0ff00a2f1a0e1d952cd52fd4a3e2c8b3f824d5086ca41368df6c.jpg https://image.nostr.build/440b8e9ae0dc8cc985ef1946766b5f1c531811d9d47f7f81ce8ded1ea7341331.jpg https://image.nostr.build/ad636f807f015798f3499b9ec850755a01af7a9c5bc15801e4be60f3d3ea2d4c.jpg https://image.nostr.build/26e12d999a9296702f760fd7296bfc3a5b252946fc434ded9443fe32304368b0.jpg
perspektif dari belahan dunia lain, bagaimana cara orang turki menghadapi hyperinflasi di negaranya: "The people here have cultivated a habit of seeking safety in tangible assets like gold, stablecoin and bitcoin, shielding their wealth from the eroding effects of hyperinflation. " thank you for the post @laura nostr:note1swyrs7ket5cvkytvstvl283dc3tuhx37c6nu96ytxptaap4p6nlsddeg42
I remember inflation times in Brazil, as a kid. The record was 80% in a month. The middle class with bank accounts had DAILY interest (we called it 'overnight', in English) It was never enough, everybody lost, but at least not ALL. Poor people were much more screwed up. With no bank accounts, paper $ would evaporate soon. Payday had humongous lines in supermarkets. More people descended into misery than the normal. Old people, or people unable to do math, were clueless. How much 1000 is worthy now, how much the new bills are worthy? These were hard problems for them. There was an official index unit that the government would define every month, to allow people to sign long term contracts in those indexed units, as the official monetary unit was meaningless. e.g., one month the index unit was 2000, the next month it was 2600. Dolarizing in thought or informally was another option, but what will happen if the USD itself inflates? BTC? Gold? Today, what would happen? Some positive developments, some negative. We never had access to gold bullion, there were no BTC at that time, neither internet or remote work. More people have bank accounts. But drugs, family degeneration, oligopolies, govenment surveillance & control.. all of these existed but were much weaker then.
Are the middle and upper classes the only ones who understand saving on assets, because if they don't have money or have enough for their living needs, of course they can't save. Or is it because the government allows dollars to be used for salaries or other things?
