While central banks are focused on providing more stimulus and economists expect inflation to rise in the US, some other countries are currently suffering from significant inflation. On Monday, the Chief Strategy Officer of the Human Rights Foundation, Alex Gladstein, stated that 1.2 billion global citizens are living below two to three-digit inflation rates.
Inflation: The Silent Killer of an Individual’s Purchasing Power
Over the past week, a number of analysts and economists have discussed the possible rise in inflation in the US, largely due to the massive boost created in 2020 and 2021. This has led economists to believe that inflation is coming to the US soon as the Federal Reserve is back in a corner with plans to keep the easy money systems going.
Inflation is the depletion of a currency’s purchasing power coupled with goods and services over time. Inflation can be measured by observing the purchasing power of the currency over a period of recorded time.
For example, an inflation calculator will tell an American how much the US dollar’s purchasing power has lost since 1913, the year the Federal Reserve was founded. According to data, if a person spent $ 20 on an item in 1913, the same service, product, or item would cost $ 528.45 today.
This corresponds to a cumulative inflation rate of 2542.2% over a period of 107 years. According to US data from worldpopulationreview.com from 2021, the annual inflation rate in the US is supposedly just 1.50%. According to current statistics, the inflation rate in Great Britain roughly corresponds to that in the USA.
Alex Gladstein: “1.2 billion people live in countries that are affected by double-digit or triple-digit inflation.”
The inflation rate in the US is meager compared to many other countries around the world. The Chief Strategy Officer of the Human Rights Foundation, Alex Gladstein, highlighted this issue in a series of tweets on Monday. Gladstein is also a proponent of Bitcoin (BTC) and has been an evangelist for the leading crypto asset for quite some time.
“Many may think that extreme inflation is rare in today’s modern world,” Gladstein told his 27,000 Twitter followers on Monday. “That’s just not the case. Currently 1.2 billion people live in countries with double or triple digit inflation, ”emphasized Gladstein.
Current inflation rates according to country data taken from statistics from worldpopulationreview.com on March 9, 2021.
Then the Human Rights Foundation (HRF) team member rattled 11 countries with an inflation rate between 10% and 20%. It included Haiti, Nigeria, Turkey, Sierra Leone, Uzbekistan, Guinea, Liberia, Pakistan, Kyrgyzstan, Ghana and Tajikistan. HRF member statistics can be compared to worldpopulationreview.com inflation rates by country in 2021.
In addition, Gladstein listed ten countries “whose inflation is north of 20%”. Gladstein wrote that this list includes Ethiopia, Zambia, Libya, Congo, Angola, Yemen, South Sudan, Argentina, North Korea, and Cuba.
Gladstein also tweeted six countries with inflation rates north of 50%. The six countries where the HRF member is listed include:
- Iran
- Lebanon
- Syria
- Sudan
- Zimbabwe
- Venezuela
“It is difficult to get good inflation data for most countries,” added Gladstein. “This analysis was done to compare a handful of the top sources. Some vary considerably. More countries are experiencing revolutions / coups and currency shocks, but new data is difficult to find, ”said the HRF chief strategy officer. Gladstein insists that it “is clear that some [governments] Fabricate economic data and that things on the ground are far worse than what they report. “
Gladstein Castle:
In both cases, there are a total of more than a billion people whose currency is rapidly depreciating. Many have already found a way out in Bitcoin.
Comparing Gladstein’s analysis on Twitter with data from statistics from worldpopulationreview.com and a number of other currency inflation aggregators shows that his data is solid. This means that the purchasing power of the world’s 1.2 billion people is declining much faster than in the US or Europe.
Declining purchasing power in these countries has forced global citizens to protect themselves from inflation. Comparing the fact that in many of these countries, with inflation rates north of 20% to even 50%, Bitcoin prices (BTC) are reaching all-time highs and even global premiums, it shows that the demand for BTC is much higher in these regions.
What do you think of Alex Gladstein from the Human Rights Foundation and his inflation analysis? Let us know what you think on this matter in the comments section below.
Tags in this story
1.2 billion, Alex Gladstein, Bitcoin, Bitcoin (BTC), BTC, currency inflation, double-digit inflation, economy, HRF, human rights foundation, hyperinflation, inflation, inflation data, Iran, Lebanon, Sudan, Syria, Venezuela, Zimbabwe
Photo credit: Shutterstock, Pixabay, Wiki Commons, worldpopulationreview.com, usinflationcalculator.com,
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