Hyperinflation Paranoia Guides the Fed

Fear of Venezuela-style inflation is overblown.

Those bolivars are worth even less on the black market.

Photographer: Alejandra Parra/Bloomberg

Move over Zimbabwe: Venezuela has replaced you as the poster child for monetary disaster. Citizens of that country are carrying backpacks of cash to buy their daily necessities. Prices there are expected to rise by 720 percent this year, making Venezuela’s hyperinflation the most severe on planet Earth.

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