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Sunday, 23 September 2018

How do you solve catastrophic hyperinflation? Per BBC News

This BBC article https://www.bbc.com/news/business-45523636 on catastrophic hyperinflation manages to centre on the current situation in Socialist Venezuela without mentioning the support given to the Venezuelan regime by Jeremy Corbyn and his cabal of socialists, Marxists etc. For the BBC who supportively reported on the British let's support for the Venezuelan lefty regime that never happened, or at least should not be mentioned.

Oddly a BBC article from 2040 has slipped through a wormhole and reads thus:

'In July 2020, inflation in the UK peaked at a staggering 41,900,000,000,000,000% - that's 41.9 quadrillion percent a month - the worst episode of hyperinflation ever recorded.

With prices doubling every 15 hours, whatever people had in their pockets in the morning would be worth half as much by the evening. The country's highest denomination was the 100 quintillion pound note.

The Labour government's mismanagement of the economy post the 2018 General Election victory had erased 40% of Hungary's wealth as capital left the country as soon as the Labour government's victory had been assured. 

Jeremy Corbyn's government made several attempts to bolster the currency by raising interest rates but this allied with massive job losses as international businesses fled the UK to escape the new taxes on businesses and anyone earning above the median wage.

On 1 August 2019, the Labour government now headed by John McDonnell, Jeremy Corbyn having fled to Iran following the internal Labour Party putsch, adopted a radical stabilisation programme that included even more drastic tax increases, the compulsory recovery of gold and other assets taken abroad by British citizens and the introduction of a new currency, the People's Pound, backed by Iranian investment and Chinese state loans. When it came into force, one People's Pound was worth 400 octillion (a thousand trillion trillion or a billion billion billion) of the old currency.'

Will the British people be warned of the coming economic crisis? Not by the Labour Party's propaganda arm, the BBC. 

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