Twitter’s CEO, Jack Dorsey, has issued a dire warning: Hyperinflation will strike the United States and the rest of the world in the near future.
Jack Dorsey, CEO of Twitter and Square, has issued a dire warning that hyperinflation is on the way in the United States and across the globe. “Everything will change if there is hyperinflation. “It’s going to happen,” he said confidently. However, a large number of individuals were of the opposite opinion.
Tweeted Friday by Twitter and Square Inc. CEO Jack Dorsey: “We’re headed for an inflationary spiral.” “Everything will be different once hyperinflation occurs. He wrote, “It’s occurring.”
His tweet was inundated with responses. More than 7,000 people had commented on it, and it had been liked and retweeted more than 70,000 times as of the time of writing. Dorsey reiterated in a subsequent tweet: “It will happen in the U.S. shortly, and so the globe.” in
According to the Bureau of Labor Statistics, consumer price inflation is nearing a 30-year high in the United States, raising fears that the situation may be far worse than policymakers had first predicted. “Inflation pressures are likely to linger longer than originally projected,” said Federal Reserve Chairman Jerome Powell on Friday.
However, many individuals were of the opinion that the United States will experience hyperinflation as predicted by Twitter’s CEO. George Mason University’s Mercatus Center’s monetary policy manager, Patrick Horan, said: “In the United States, hyperinflation is not occurring.” Another economist at the same institution weighed in: “What we’re seeing is increased inflation rather than hyperinflation,” he said (except in Venezuela). Sadly, Twitter does not permit the editing of a tweet by a user.
Fletcher School of Law and Diplomacy professor Daniel Drezner said: “I saw real hyperinflation in Ukraine in the early 1990s. “This ain’t it, buddy,” you say.
Bitcoin critic Steve Hanke, who considers himself an authority on inflation and hyperinflation, made the following observation:
62 officially recognized hyperinflations have occurred throughout history. Hyperinflation isn’t happening right now in any nation. Jack needs to be aware of the consequences of making rash public pronouncements through Twitter.
Dorsey’s response was a simple emoji of rolling on the floor laughing, despite the fact that many Twitter users took issue with Hanke’s comments.
Some users took Dorsey’s warning to heart, writing, “Thank God for Bitcoin,” pointing out that BTC will surely become the world’s reserve currency due to its decentralized nature.
The Human Rights Foundation’s senior strategic officer, Alex Gladstein, responded to Dorsey’s hyperinflation tweet. Gladstein said:
Those who are astonished by this tweet are living in a world of luxury. Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan, and many more countries have inflation rates of double-digits, triple-digits, or even quadruple-digits. It’s already a major humanitarian crisis on a global scale.
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