"In current consumer-price calculations, rising goods prices are partly offset by falling prices for services such as air travel. But in reality, pandemic-related restrictions mean that consumption of many services has fallen sharply; significantly fewer people are flying, for example. Many people’s actual consumption baskets have thus become more expensive than the basket statistical authorities use to calculate inflation. So, true inflation rates are currently often higher than the official figures, as reports have confirmed."
Interesting. I wonder if he’s speaking as UBS or Bundesbank where his heart and soul resides
I've seen a few tweets this week that have made me order a few books/investigate in more detail what happened in Germany.
The tweet in the last 24 hours by Michael Burry (@michaeljburry) referencing this free history ( see ... https://t.co/kNT4memOVt?amp=1) is very scary.
8 years of debt build-up and no inflation indication [edit: there was large inflation but it was contained for a period... ] (but massive asset price rises) and then ... bang ... in 1 year it is all gone
... "From having been steady during the fifteen months preceding July 1921, prices doubled in the next four months and increased by ten times in the year through the summer of 1922. [...] Beginning in July 1922, prices rose tenfold in four months, two hundredfold in eleven months. Near the end in 1923, prices were at least quadrupling each week".
From what I see I think you can alert everyone and that is all you can do.