I respect disagree with this thread. The idea that hyperinflation results from a regime change is an unproven hypothesis. It's something we should be studying, yes, but for now it's just a guess.
https://twitter.com/TheStalwart/status/1352714561636487171
That was supposed to be "respectfully", dang it
In particular, if we stop worrying about austerity like we used to, and then at some point we DO experience hyperinflation, the Tom Sargents of the future will look back and call our attitude shift a "regime change". And who will be able to disprove them?
https://twitter.com/TheStalwart/status/1352715391710208007?s=19
The fact that hyperinflation hasn't happened before, despite frantic warnings that it was right around the corner, is not proof that it can't happen! Remember, just because you haven't walked into a pit yet doesn't mean there's no pit!
https://twitter.com/TheStalwart/status/1352717589017890816?s=19
I agree with Joe that we shouldn't be worried about debt right now. But I CANNOT PROVE I'M RIGHT ABOUT THAT.
That's why we need macroeconomists to study this more.
That's why we need macroeconomists to study this more.
https://twitter.com/TheStalwart/status/1352721288146677761?s=19
The point of my post is not to say "we should be worried about debt right now".
I strongly believe we should not be worried!!
The point of my post is that we don't yet understand hyperinflation at all, and we need to understand it.
I strongly believe we should not be worried!!
The point of my post is that we don't yet understand hyperinflation at all, and we need to understand it.
Assertions that we do understand hyperinflation, no matter how forcefully made, are not credible if they rely only on anecdotal observation.
https://twitter.com/TheStalwart/status/1352722695394369536?s=19
In conclusion, @TheStalwart, I don't think we should be worrying about debt, but I think we SHOULD want to understand hyperinflation a lot better than we do.
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