Here’s more inflation news to report. Argentina is experiencing inflation in the 80-100 percent range and this has prompted the central bank to hike rates to 75 percent.
Argentina inflation nears 80%; spiraling prices squeeze shoppers https://t.co/Qh2Eq23vKu pic.twitter.com/9d1FUHaV79
— Reuters (@Reuters) September 15, 2022
Argentina has decided to raise interest rates to 75% in a bid to prop up its currency and curb inflation that's approaching 100%, a source said https://t.co/nNKX1Wd6Kv
— Bloomberg (@business) September 15, 2022
Raising interest rates to 75 percent is obviously going to cripple their economy but at least it is a somewhat serious attempt to get control of inflation. Even still, this attempt will likely fail.
We are seeing a widespread collapse of currencies all over the world. The US Dollar will be temporarily strengthened as this process plays out before the US Dollar itself collapses. China and Russia are best positioned to survive this collapse because they have economies that produce real things of value. They’re also by necessity moving their economic systems away from the US Dollar.
When the dust settles, the world’s economic order will be largely centered around China and Russia.
