Twitter and Square CEO Jack Dorsey has warned that hyperinflation will soon occur in the US and elsewhere in the world. “Hyperinflation will change everything. It’s already happening,” he said. However, many people did not agree with him.
Jack Dorsey warns of hyperinflation
CEO of Twitter and Square Inc. Jack Dorsey tweeted hyperinflation warning in the USA. His tweet was immediately flooded with comments.
The CEO of Twitter’s tweet came as consumer price inflation in the US approached a 30-year high and there were growing concerns that the problem could be even worse than lawmakers said. Federal Reserve Chairman Jerome Powell acknowledged on Friday that inflationary pressures “are likely to last longer than originally expected and could continue until next year.”
However, many people did not agree with the head of Twitter that there would be hyperinflation in the US. Patrick Horan, monetary policy program manager at the Mercatus Center at George Mason University, said: “There is no hyperinflation in the United States now.” His colleague Lawrence White, a professor of economics at the same university, said: “What is happening is higher inflation, not hyperinflation (except Venezuela). It’s a shame Twitter doesn’t allow Jack to edit his tweet.”
Daniel Drezner, a professor at Tletts University’s Fletcher School, commented: “I experienced real hyperinflation in Ukraine in the early 1990s. This is not mate.” Economist Steve Hanke, a BTC skeptic who is considered an expert on inflation and hyperinflation, said:
“62 hyperinflations have been certified in world history. Currently, no country is experiencing hyperinflation. Jack should know more than tweeting irresponsible public statements. ”
While many people on Twitter disagreed with Hanke’s statement, Dorsey simply responded to the emoji “laughing and rolling on the floor.” Some people get Dorsey’s warning seriously and tweeted “Thank God for BTC” that the BTC will inevitably become the world’s reserve currency.
Alex Gladstein, head of the strategy for the Human Rights Foundation, commented on Dorsey’s hyperinflationary tweet:
“Those who are shocked by this tweet live in a bubble of financial privileges. 1.3 billion live below double, triple or quadruple inflation: Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba, Sudan and other countries. It is one of the biggest humanitarian crises in the world.”