Comment by DrNosferatu

Hyperinflation isn't just "inflation on steroids" as mainstream economics often portrays it. Blyth's work is eye-opening here - he shows hyperinflation requires either extreme conditions (war, regime collapse) or spectacular policy incompetence, not just regular government spending.

The inflation fear-mongering serves specific interests. When central banks jack up rates to "fight inflation," workers lose jobs while asset-holders are protected. Meanwhile, recent inflation wasn't primarily caused by stimulus or "too much money" - it was supply chain disruptions, corporate price-setting, and energy shocks.

Blyth demonstrates how our inflation responses are political choices disguised as economic necessities. We could address price stability through buffer stocks, targeted subsidies, or energy transition investments instead of the blunt instrument of interest rates that disproportionately harm working people.

The kicker? Inflation actually helps debtors (most people) while hurting creditors (the wealthy). No wonder the financial class is so obsessed with stamping it out at any cost to workers.