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What if everything you've learned about inflation is wrong?
The Inflation Myth and the Wonderful World of Deflation illustrates our rapidly changing world where constant technological innovation leads to cheaper and better products. These changes are no longer reflected in the ways we measure inflation. Renowned investor and author Mark Mobius persuasively argues that what we believe to know about inflation today does not reflect the reality any longer. It is a myth, a legend, a fable, and, yes, a falsehood for a number of reasons.
The Inflation Myth and the Wonderful World of Deflation tackles a number of fascinating topics, including:
The political nature of inflation measurement where governments manipulate and exploit inflation numbers to fit their economic programs
The extreme difficulty involved in gathering accurate data to measure inflation and the resulting inaccuracy of those measures
The error of using currencies to measure inflation when those currencies are continually being debased by the governments who issue them
Finally, and most importantly, the advances in technology and automation which are leading to continuously falling costs for goods and services
Perfect for anyone with even a passing interest in macroeconomic phenomena or government policies, which are significantly impacting people's everyday lives around the world, The Inflation Myth and the Wonderful World of Deflation provides a remarkably compelling and provocative view of stunning originality.
Autorentext
MARK MOBIUS leads Mobius Capital Partners as one of its founding partners. Formerly the executive chairman of Templeton Emerging Markets Group, Mark has extensive experience in economic research and analysis, particularly in emerging markets. He has served on the World Bank's Global Corporate Governance Forum as a member of the Private Sector Advisory Group. www.markmobius.com
Klappentext
Praise for the INFLATION MYTH "If there's a timelier look at the farcical place the global economy finds itself in 2020 than Mark Mobius' new book, I'd sure love to find it. It almost reads like a public service as all too many world leaders and investors resurrect the zombie idea that inflation is hiding under every rock. In stark and lively terms, Mobius counters a conventional wisdom that could do more to make lost economic decades great than lead to a productive and vibrant future. The more we engage in paranoia about a phantom inflation crisis, the dimmer our prospects become. As a long-time Japan resident and observer, I can confirm Mobius' take that everything the economists community thinks it knows about deflation needs revision. Kudos to Mobius for penning one."
William Pesek, award-winning Tokyo-based journalist; Forbes columnist; author of Japanization: What the World Can Learn from Japan's Lost Decades "Price stability is more than an economic creed for governments around the world. Rulers know that hyperinflation could shake a nation and they might even be expelled from the throne. In another extreme, advanced economies in the modern world are struggling to tame the deflation-liquidity trap. Mark Mobius' The Inflation Myth and the Wonderful World of Deflation is a fascinating book on this critical economic issue. From Wang Mang in ancient China to Jerome Powell of the US Fed, Mr Mobius has reviewed the global experience of (de)inflation comprehensively and concisely and asks the unavoidable question faced by the policymakers: Is inflation still relevant in managing money supply?"
Raymond Yeung, Chief Economist Greater China, Australia and New Zealand Banking Group (ANZ) "A very important and interesting book. It focuses on a topic we will be discussing in the next years, with extremely insightful views."
Francisco García Paramés, Chairman and CIO, Cobas Asset Management
Zusammenfassung
What if everything you've learned about inflation is wrong?
The Inflation Myth and the Wonderful World of Deflation illustrates our rapidly changing world where constant technological innovation leads to cheaper and better products. These changes are no longer reflected in the ways we measure inflation. Renowned investor and author Mark Mobius persuasively argues that what we believe to know about inflation today does not reflect the reality any longer. It is a myth, a legend, a fable, and, yes, a falsehood for a number of reasons.
The Inflation Myth and the Wonderful World of Deflation tackles a number of fascinating topics, including:
Inhalt
Preface xi
Introduction xv
Acknowledgments xxiii
About the Author xxv
1 History and Inflation 1
History as Inflation
Importance of Inflation Numbers
The Long Coffin
Marco Polo and Money
Gold and Silver Coins
Money and Trust
The Urge to Debase
Rome's Debasement
England's Debasement
Shells and Money
2 The Critical Importance of Inflation Numbers 21
Making Important Policy Decisions on Inflation Data
International Interest in Inflation
The Influential Measure
Impact on Individual Lives
The Popularity of Inflation Numbers
India Stops Futures Trading To Influence Inflation
China's Efforts To Influence The CPI Numbers
The Effect of Mexican Tomatoes On Inflation
Venezuela Attempts To Rein In Inflation Through A Cryptocurrency
Fed Up
Inflation Numbers Knock-on Effect
Wage indexing
When Central Bank Actions Fail To Influence Inflation
Investment Decisions and Inflation Numbers
Bank Decisions
3 What is Inflation? 37
What the Experts Say
Defining Inflation
Inflation as a Worldwide Disaster
4 What is Hyperinflation? 53
What the Experts Say
Hyperinflations around the World
The German Hyperinflation Experience
Yugoslavia: Printing Money To Pay Government Debt
Legalized Looting In Zimbabwe
Printing 30 Tons of Zairean Banknotes
5 Money Supply and Inflation 67
Inflation as a Monetary Phenomenon
What Is The Money Supply?
Measuring Money Supply
Money Creation through Fractional-Reserve Banking
The Money Illusion
Credit Is Money
The Collapse of Paper Money
Demise of the Dollar
The Gold Standard
The Universe of Cryptocurrencies
6 Measuring Inflation 85
Why You Can't Trust the Inflation Numbers
The History of Measuring Inflation
Building the Index
Gin and Inflation Measurement
The Boskin Commission
US GDP Numbers Questioned
What Are People REALLY Buying?
The Changing Time and Place Bias
Market-Basket Bias
Data Gathering Difficulties
Complexity
Data Gathering
UrbanRural Inflation Differences In China
Currency Confusion The Tenge
Pakistan Statistics Concerns
China's Suspect Statistics
UK Inflation Index Credibility
India Data Gathering Difficulties
The Brazil Experience
UrbanRural Inflation Differences In China
Inflation Differences Within Turkey
Malaysia Concerns
South Africans Skeptical Too
Income Diff…