[HN Gopher] Inflation soars to nearly 80% in Turkey as food pric...
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       Inflation soars to nearly 80% in Turkey as food prices double
        
       Author : rntn
       Score  : 14 points
       Date   : 2022-07-04 19:45 UTC (3 hours ago)
        
 (HTM) web link (lite.cnn.com)
 (TXT) w3m dump (lite.cnn.com)
        
       | bsaul wrote:
       | anyone has any theory on whether turkey is special case, or if
       | its neighbors are going to follow the same path ?
        
         | jlawer wrote:
         | I believe the monetary policy of Erdogan is somewhat Unique.
         | Turkiye has dropped / resisted raising interest rates, and
         | pretty much done the opposite to what few things economists
         | agree on. This has caused the Lira to drop in value increasing
         | the cost of imports.
         | 
         | They are importers of Energy unlike most of their neighbours
         | and is a net food importer having been especially hit hard by
         | the Ukraine conflict.
        
       | ars wrote:
       | The world is built on the backs of low income workers. There's
       | just not enough money in the world to pay everyone high wages -
       | when you increase wages, you increases costs, and then those
       | wages don't help: AKA inflation.
       | 
       | Either we continue to subsidize the world with low income
       | workers, or we massively increase automation.
       | 
       | It's crazy - there were times we were predicting that people
       | would not need to work, and we'd need to give people basic
       | income, and now it's clear there's just not enough people to do
       | all the work that needs doing.
        
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       (page generated 2022-07-04 23:02 UTC)