Twitter and Square CEO Jack Dorsey has warned that hyperinflation will soon occur in the United States and elsewhere in the world. Hyperinflation will change everything. It happens,” he predicted. But a lot of people disagreed with him.
Jack Dorsey, CEO of Twitter, says the US will soon experience hyperinflation
The CEO of Twitter and Square Inc. tweeted. Jack Dorsey issued a warning about hyperinflation in the United States on Friday. Hyperinflation will change everything. he wrote.
Comments flooded his tweet. At the time of writing, he has garnered more than 7 thousand comments, liked 70.1 thousand times and retweeted 22.9 thousand times. In a follow-up tweet, Dorsey confirmed: “It’s going to happen in the US soon, as well as the world.”
The Twitter CEO’s tweet came as consumer price inflation approaches a 30-year high in the US, and there are growing concerns that the problem may be worse than what policy makers have driven. Federal Reserve Chairman Jerome Powell acknowledged on Friday that inflation pressures are “likely to persist for longer than previously anticipated,” and could continue “well into next year.”
However, many people disagreed with the head of Twitter that hyperinflation would occur in the United States, said Patrick Horan, director of the monetary policy program at George Mason University’s Mercatos Center: “In the United States, hyperinflation does not happen.” His colleague, Lawrence White, professor of economics at the same university, said: “What’s happening is higher inflation, not hyperinflation (except in Venezuela). It’s too bad Twitter doesn’t allow Jack to edit his tweet.”
Daniel Drezner, a professor at the Fletcher School at Tufts University noted: “I experienced actual hyperinflation in Ukraine in the early 1990s. This is not a buddy.”
Economist Steve Hanke, a Bitcoin skeptic who prides himself as an expert on inflation and hyperinflation, commented:
There have been 62 certified hyperinflation cases in world history. At present, no country suffers from hyperinflation. Jack should know better than to tweet irresponsible public statements.
While a number of people on Twitter disagreed with Hanke’s statement, Dorsey simply responded with the “rolling on the floor laughing” emoji.
Some people heed Dorsey’s warning, tweeting, “Thank God for bitcoin,” noting that bitcoin will inevitably become the world’s reserve currency.
Alex Gladstein, chief strategy officer at the Human Rights Foundation, commented on Dorsey’s hyperinflation tweet:
Those shocked by this tweet live in a bubble of financial privilege. 1.3 billion people live under double, triple or quadruple inflation: Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and others. It is indeed one of the largest humanitarian crises in the world.
What do you think of Jack Dorsey’s warning of hyperinflation? Let us know in the comments section below.
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