In a Bloomberg opinion piece labor economist Teresa Ghilarducci has offered readers who earn under $300,000 a year her best inflation-mitigation strategies. Her key ideas include taking the bus, selling your car, not buying items in bulk, eating lentils instead of meat, and not giving your dog chemotherapy if it gets cancer. Bitcoin investor Anthony Pompliano labeled the advice “clown world” and lamented a general lack of critical thinking in the media.
Pompliano bemoans lack of critical thinking
“It just feels like there is a critical thinking crisis underway, both in the United States and abroad, where there is somehow, some kind of mainstream narrative, that mainstream narrative gains momentum and people don’t stop for a second and critically think,” said Pompliano on The Best Business Show this week. “We are watching a critical thinking crisis unfold globally,” he opined.
Anthony, along with series regulars, his brothers John and Joe Pompliano, went on to suggest that there are things people can do in an inflationary environment, none of which were covered by Bloomberg.
Given that deficit of critical thought in mainstream media, the responsibility falls on individuals to do the hard work for themselves and come to their own conclusions.
US citizens are currently facing the reality of diminishing returns for their paychecks, with inflation at 7.9%, the highest since the early 90s. In the UK inflation is currently at 5.5%, but the Bank of England recently warned that inflation could soar higher than 8% within months.
That is nothing compared to inflation elsewhere in the world, such as Venezuela where the figure is around 2,000%.
Recently the IMF used a debt restructuring plan with Argentina, where inflation is above 50%, to force the country to “discourage the use of cryptocurrencies.” That aspect of the deal and its consequences would seem to be at odds with the best interests of citizens attempting to prevent the value of their money from simply evaporating.
Around the globe, including in places such as Nigeria, people are using bitcoin and other cryptocurrencies as a hedge against inflation. And as a long-term strategy, it may just be preferable to eating lentils.
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