 Well, we just hype inflation when it prints money like crazy and The money is going primarily for consumption and is not going for any kind of productive activity So so it's not so if you think about if you have five if you have X number of goods in an economy and That number doesn't change right? You've just got the X number of goods, but you're printing more and more more money So more and more money is chasing the X number of goods. It's bidding the price of those goods up so the more money you print the higher the prices go and And that's in that spiral because the higher the prices go the poor people feel and the more they demand that you print more money So you print money to put in their wallets, but when they go to grocery store the prices already adopted upwards So they demand more money for you to print so and this goes on and on and on and it gets into cycle Which very very difficult to to exit to the I mean the exit is very painful the exit is Stop the printing presses and when you stop the printing presses There's a period in which nobody knows exactly what to do prices are still going up because they're expecting Inflation but people suddenly don't have any more money. So they can't buy this stuff So the economy goes into like a massive recession and then prices start adapting so prices start coming down People start realizing okay. This is the amount of money. I have this is what can afford and everything kind of reaches a new Equilibrium, but that is painful and it's hard. It's what the United States went through even though we didn't have hyperinflation We had high inflation, but it's when what we went to in the recession of it 1982 83 and It's what other countries in Latin America. I grew up in Israel and in Israel we had in the early 1980s we had a thousand percent inflation and Basically got paid every week and he took the money you spent it because if you kept the money Within a week it was worth a lot less than what it was at the beginning of the week So you wanted to spend it on Monday or Sunday in Israel because by Friday. It was worth a lot less money So you but you got into the cycle where you demanded a raise from your employer constantly The employer demanded that the government print more money So the banks would is the way in which the money entered the economy And then they had to figure out a way of how to suck this additional money out of the economy to stabilize Prices and they did that towards the end of the 1980s, but it was very painful through what taxation No, so I mean in Israel they did it to a combination of things one. They just stopped printing the money Right, so you just stop the printing process. That's the easy way to defeat inflation The other way is that they they they encouraged the banks to offer people very high interest rates on Saving so they encouraged people not to take their extra money and spend it But to take their extra money and put it in a saving account Right now the banks couldn't ultimately pay you back that saving because they promised an above-market return In order because the government was incentivizing them just to suck the money out of the economy and the banks basically all win bankrupt So and then the government bailed all the banks out. So it was it was this multi-step crazy kind of system I don't think anybody actually planned it out Because government is very bad at these kind of things. They just did stuff and there were really bad consequences But coming out of the whole thing the result was that inflation was killed Banks or bankrupt were nationalized and then privatized again And so the banking system is marginally a little healthier. So they solved the problem They managed to get out of the inflation But there were huge short-term pains and probably huge long-term consequences to it But but they did it other countries I mean Ecuador is probably a good example where they had thousands of percent inflation and one day they just said and Zimbabwe did this right There's no local currency like if you go to Ecuador, there's no local currency use dollars Really? Yeah, so they've dollarized the economy Panama is the same way Panama use dollars There's no Panamanian Pesso or something like that. You just use dollars So they basically took away the printing press printing press disappeared and they said we're gonna discipline ourselves With dollars and and so they did a one-time exchange of all the local currency into dollars and Then they stopped printing so Ecuador doesn't print any money and Panama doesn't print any money They're putting their faith in there in the Federal Reserve Which for most Latin American countries is not a bad deal for the reserve behaves much more rationally than does a local local central bank There was actually a proposal in Israel to do the same Treasury Secretary secretary came out one day and said We should dollarize the economy that would get rid of all the inflation and he was absolutely right He was fired. I think within a couple of hours because it was it was it was Anti-nationalist right Israel should have its own coming we have to have our own currency rate This is this is a big deal So it's nationalism often is the barrier to actually Dollarizing an economy and one of the benefits of the euro or though, you know The euro obviously has a lot of critics out there one of the benefits of the euro is that Greece doesn't have a central bank Therefore it can't just print money like crazy like it did in the 1960s and 70s and drive itself into hyperinflation Spain can't do the same. They're actually disciplined by the fact that there's this common currency run basically by German bankers who Afraid of inflation and therefore don't you know, make sure that there's no inflation in the euro There are now there are other problems that the or creates but but in terms of inflation Europe you don't see inflation because of that