How Fake Money Saved Brazil
npr.org
How Fake Money Saved Brazil
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Re: How Fake Money Saved Brazil
#2"He said, 'Well, I've just been named the finance minister. You know I don’t know economics, so please come to meet me in Brasilia tomorrow,' " Bacha recalls.
So, three things had to happen:
1. A politician had to admit his ignorance
2. Some bright spark technocrat somewhere had the right solution to a seemingly impossible problem.
3. The right politician asked for help from the right technocrat
They're not kidding. It is a miracle.
Re: How Fake Money Saved Brazil
#3"Brazil's inflation rate hit 80 percent per month. At that rate, if eggs cost $1 one day, they'll cost $2 a month later."
Really.
Re: How Fake Money Saved Brazil
#4"Brazil's inflation rate hit 80 percent per month. At that rate, if eggs cost $1 one day, they'll cost $2 a month later." Really.
It's like this article was written by a high schooler.
Re: How Fake Money Saved Brazil
#5The article never mentioned it, but it's a called a wage-price spiral.
Re: How Fake Money Saved Brazil
#6It's a 100% real story. I lived in these days. I had to put a feature called "currency change" in my softwares because every year we had to divide by 1000 all values in databases.
One major work was to adjust fields sizes because currency values are allways causing data overflow.
Re: How Fake Money Saved Brazil
#7It's an interesting story but the frightening thing is the comments of people wondering out loud what's wrong with inflation, or asking for more inflation in the USA.
Out of control inflation is a terrifying, society-destroying phenomenon. Stable and prosperous societies rely on stable money values.
Re: How Fake Money Saved Brazil
#8"Brazil's inflation rate hit 80 percent per month. At that rate, if eggs cost $1 one day, they'll cost $2 a month later." Really.
it's a close enough approximation. isn't it?
Re: How Fake Money Saved Brazil
#9What are the implications of this for startups?
Has a startup ever benefited from using a fake currency? In what ways?
Re: How Fake Money Saved Brazil
#10"He said, 'Well, I've just been named the finance minister. You know I don’t know economics, so please come to meet me in Brasilia tomorrow,' " Bacha recalls. So, three things had to happen: 1. A politician had to admit his ignorance 2. Some bright spark technocrat somewhere had the right solution to a seemingly impossible problem. 3. The right politician asked for help from the right technocrat They're not kidding.…
I can tell you it was a really remarkable time.
The only minor inaccuracy is that we only impeached one president.