• Steve H. Hanke
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    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

A Minsk Moment Update: Belarus Hyperinflation Prompts Government To Freeze Food Prices

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Tue, 05/31/2011 - 11:52 | 1325555 Ricky Bobby
Ricky Bobby's picture

Shortages soon to follow

Tue, 05/31/2011 - 12:06 | 1325603 BS_Merchant
BS_Merchant's picture

There are quite a few Spanish cucumbers available at the moment...

 

 

Tue, 05/31/2011 - 13:04 | 1325740 Monedas
Monedas's picture

Nice loaf ! How did you get the counter clockwise coil ? Do you live in the southern hemisphere ? Monedas 2011

Tue, 05/31/2011 - 13:25 | 1325801 stewie
stewie's picture

lol. Never expected to see the Coriolis Effect in this context.

Tue, 05/31/2011 - 16:36 | 1326048 Monedas
Monedas's picture

It's comforting to know people keep track of this kind of stuff ! Monedas 2011 Ooops ! I think I meant northern hemisphere ? I had to go flush the comode to refresh my memory !

Tue, 05/31/2011 - 13:09 | 1325707 Azannoth
Azannoth's picture

"IMF mission headed .. to assess " - they are going to try out the missionary position to complement the head position while Ass-essing those russian hotel maids hmmmm

Tue, 05/31/2011 - 23:36 | 1327543 Quaderratic Probing
Quaderratic Probing's picture

No problem create a future food derivitive product and allow accounting to present value the thing at more than enough ..... works for the banks

Tue, 05/31/2011 - 11:56 | 1325557 Mongo
Mongo's picture

Shortage of beer?

Tue, 05/31/2011 - 11:54 | 1325564 Ricky Bobby
Ricky Bobby's picture

Beer shortages are my tipping point!

Tue, 05/31/2011 - 14:24 | 1325998 Azannoth
Azannoth's picture

There where many things missing in the Soviet Union but Vodka was Never 1 of them supplies of Vodka arrived before, Penicilin and toilet paper

Tue, 05/31/2011 - 11:53 | 1325558 SheepDog-One
SheepDog-One's picture

Sitting here looking at my bag of 1960 dimes, each worth about $4 FRN's. Pretty amazing.

Tue, 05/31/2011 - 13:54 | 1325776 SwingForce
SwingForce's picture

Yes it is, and look what those dimes have endured over the last 50 years. Let me know when Roosevelt starts talking to ya, it'll be interesting. Maybe some went to the World's Fair in '63-64, maybe some were change from a dollar for a couple gallons of gas. I'm sure plenty went through a pay-phone. None were cashback from a debit-card purchase, pretty sure. PS- The $4 part is totally messed up, nothing but off topic, has no relevance whatever- stop thinking about it. Ask yourself, "Self? Why is gold so freakin' high?"

Tue, 05/31/2011 - 16:08 | 1326291 kumquatsunite
kumquatsunite's picture

The "speed up" time frame, as we've seen with the "flash crash" and such, means that the big boys are taking their profits very early in the game, then just nibbling back and forth to get you to put yers money down! so they can then just take a wee bit more. "Profits" in the Ag and Au are gone for decades to come; oh sure, if you've got some, say 100 million or so to play around with it's probably worth sheeshing off the froth of a three percent here and a three percent there, but for the rest, the quick change artists (the traders) just smile and call you their beetzhes. And no, I've not yet seen The Hangover 2. Waiting for the crowds to be beaten back.

Did hear that Mike Tyson sings! I'll pay to see that!

Tue, 05/31/2011 - 13:51 | 1325903 Hacked Economy
Hacked Economy's picture

Score!  Over the weekend I got *another* bunch of pre-1965s on eBay from an inexperienced seller...for 13% below spot (melt).  And that included shipping!

Quarters and dimes.  :)

Tue, 05/31/2011 - 11:56 | 1325559 kaiten
kaiten's picture

Greece, are you watching? This is what happens if/when you leave the eurozone. Drachma tumbling by 70-80% and you entering hyperinflation and living standard destruction. So choose wisely and do the cuts/ reforms finally.

Tue, 05/31/2011 - 11:57 | 1325566 AnAnonymous
AnAnonymous's picture

Not everyone is Iceland planning an exit route from monetary play games.

Tue, 05/31/2011 - 13:30 | 1325815 CrashisOptimistic
CrashisOptimistic's picture

The default = death stuff is destroyed by Iceland.

Greece could default and have to immediately live within its tax revenue means -- which looks horrible at first glance, but take a second glance.  Don't fund medicine.  Don't fund food.  Fund pensions and police.

Then get your cameras on the starving people laden with disease and appeal to the world.  The Red Cross will rush in.  The various foreign aid programs . . . actual aid, not loans . . . will rush in.

No one will die.

Tue, 05/31/2011 - 13:27 | 1325807 SwingForce
SwingForce's picture

But now if they sell Mt. Olympus or The Parthenon, they'll get TRILLIONS from a foreign buyer.

Tue, 05/31/2011 - 13:44 | 1325872 Things that go bump
Things that go bump's picture

They should sell their children's birthright for paper?

Tue, 05/31/2011 - 13:58 | 1325934 SwingForce
SwingForce's picture

Yes, and all the bridges they have too. You want the actual bricks? Sorry, we don't play thet game. We'll give you a piece of paper, and you can imagine whatever you want is printed on it, even some pictures maybe, just hand over the money. 1 Big Hoax, 360°

Tue, 05/31/2011 - 14:16 | 1325990 Things that go bump
Things that go bump's picture

Ah, a scam of course - I am so dense sometimes.  But remember, London sold London Bridge to some American and he picked it up and moved it to Arizona in the 60s, so its not that far fetched. 

Tue, 05/31/2011 - 15:35 | 1326179 Antipodeus
Antipodeus's picture

Except that the 'London Bridge' he thought he'd bought wasn't really the London Bridge.  Was he p#ssed, or what?

Tue, 05/31/2011 - 16:15 | 1326334 kumquatsunite
kumquatsunite's picture

Hey, isn't that what the liberals have done with America? Foreigners reverse colonizing this country created the housing boom and allowed the government (also stocked with foreigners: does anyone that speaks English work in the government anymore? Is it against the law to hire a native born American to work in our government? Or are those jobs just so that we won't notice that the foreigners are taking all of our private sector jobs so funnel them into the government! whoo hooo, and you thought that adding 150 million foreigners to this country in thirty years wouldn't juice the system?

Your children's birthright Has Been not sold, but given away because the liberals think that, just because it has never really existed anywhere in history, that for the first time the Woostockian/Stalinists can redistribute until the last seed of corn (see: seed corn....what we save for the future) is eaten. 

Ah yes, your children's birthright after this wave of third world trash given our country is filthy air, polluted water, and gridlocked roads accompanied by the fact that being white is now a dangerous thing to be. White equals having a bullseye on your back: don't dare say anything, ask for anything, or pretend your people once owned this country. And made it purdy dang good. Oh nooooo....don't you dare go there. History has been rewritten and your children convinced that you and anyone your color needs to be put down, one way or the other.

Tue, 05/31/2011 - 20:58 | 1327211 dolph9
dolph9's picture

Hey idiot, the "conservatives" do nothing to control immigration either, because they are controlled by big business interests that love the cheap labor.

Besides, it's the whites (and Jews) of Wall Street and D.C., no matter what their political persuasion, who all believe, without exception, that we must keep "growing" forever.  Thereby, continuous, high immigration is allowed and welcomed.

I'm not sure whether to take you seriously or not.  But believe me:  if you are coming to zerohedge thinking you will find nothing but wingnut, Faux News, Limbaugh echo chamber trash agreeing with you, you are wrong.

Tue, 05/31/2011 - 14:52 | 1326075 White.Star.Line
White.Star.Line's picture

They'll actually get just a few trinkets applied to their sovereign debt for the sale of their monuments, parks, water rights, land, etc. Paid for by the same "foreign buyer" that extended their credit limit to where it is today.

Tue, 05/31/2011 - 11:56 | 1325560 Muir
Muir's picture

For those really too young to remember, President Nixon also froze prices right here in the Ol good USA, the World did not end, my friends.

Nixon imposes wage-price freeze

Tue, 05/31/2011 - 12:02 | 1325585 CynicLaureate
CynicLaureate's picture

For those old enough to be paying bills in the 70's, the gas lines and shortages post-Nixon were the high-water mark of economic misery in the post-war portion of the 20th century.

The government actually admitted we had 20% inflation in 1979-80.

Nothing compared to today... "Baby boomers can't sell their big houses to their kids, especially if they're still living in the basement."

 

Tue, 05/31/2011 - 12:02 | 1325586 Long-John-Silver
Long-John-Silver's picture

I lived through that. Food stuffs were renamed to get around the price controls. The food that still retained it's original name could not be purchased. Nixon's price controls were a joke then and this farce will fail as it always does.

Tue, 05/31/2011 - 12:44 | 1325688 Amish Hacker
Amish Hacker's picture

I don't think anyone seriously thought price controls would work to contain prices. The goal was more to make the sheeple think that something was being done to ease their plight. Even the phrase "price control" implies that the gov't is in control of prices, a conceit which causes the market gods to laugh uncontrollably. 

Tue, 05/31/2011 - 13:01 | 1325741 yabyum
yabyum's picture

My coin guy has a W.I.N. button from that era, might have to go buy one....so stylish.

Tue, 05/31/2011 - 12:00 | 1325589 SheepDog-One
SheepDog-One's picture

Uh yes and we also didnt have all our manufacturing jobs sent to China and a dead 75% Borrow to Consume economic model and $1,500 trillion in debt either. 

Tue, 05/31/2011 - 12:42 | 1325681 Cow
Cow's picture

I suggest we all wear buttons that say WIN for Whip Inflation Now.  I just thought of that.  My idea.  Don't try and copy it.

Tue, 05/31/2011 - 11:55 | 1325563 Franken_Stein
Franken_Stein's picture

 

Russia Says IMF Chief Jailed For Discovering All US Gold Is Gone

 

A new report prepared for Prime Minister Putin by the Federal Security Service (FSB) says that former International Monetary Fund (IMF) Chief Dominique Strauss-Kahn [photo with Putin top left] was charged and jailed in the US for sex crimes on May 14th after his discovery that all of the gold held in the United States Bullion Depository located at Fort Knox [photo 2nd left] was ‘missing and/or unaccounted’ for.

 

http://www.whatdoesitmean.com/index1489.htm

 

Oh, oh.

There's trouble ahead.

Alpha Dog Putin strikes back.

 

How come such a "secret" report finds its way on the internet ?

 

Tue, 05/31/2011 - 11:59 | 1325573 Tyler Durden
Tyler Durden's picture

Please no links to "Sorcha Faal" on Zero Hedge.

Tue, 05/31/2011 - 12:03 | 1325590 Bastiat
Bastiat's picture

What's the deal with Sorch Faal, Tyler?

Tue, 05/31/2011 - 12:07 | 1325597 alien-IQ
alien-IQ's picture

Hoax site...likely future White House Press secretary or GS PR department head.

Tue, 05/31/2011 - 12:20 | 1325629 Dapper Dan
Dapper Dan's picture

Sorcha Faal = Sucha Fool

Disinformation site for sure.

Tue, 05/31/2011 - 12:42 | 1325683 Bastiat
Bastiat's picture

AIQ and DD: thank you.

Tue, 05/31/2011 - 12:40 | 1325685 el Gallinazo
el Gallinazo's picture

http://www.abovetopsecret.com/forum/thread304918/pg1 That noted, an ETF based on the percentage of the gold plated tungsten component in Fort Knox would be quite a hit. Problem is that by the time the answer is known, it would probably be both moot and mute.

Tue, 05/31/2011 - 12:53 | 1325714 Ancona
Ancona's picture

HA HA HA HA HA ROFL!!!!!

Sorcha Faal??? You have GOT to be shitting me!

Thanks Frankie, I needed a good laugh.

Tue, 05/31/2011 - 12:04 | 1325592 Franken_Stein
Franken_Stein's picture

 

Didn't know until now that this is a hoax site.

Sorry.

 

I can't delete my post since you answered to it.

So my hands are tied.

 

Tue, 05/31/2011 - 12:05 | 1325598 SheepDog-One
SheepDog-One's picture

I dont know if its a hoax site or author.. who knows, everything thats reported there may actually be true. But a lot of things there are a bit sensationalist.

Tue, 05/31/2011 - 12:49 | 1325698 Rollerball
Rollerball's picture

Just shave with an Occam Mach3 Turbo razor and you'll be alright.

Tue, 05/31/2011 - 13:09 | 1325753 dcb
dcb's picture

@tyler:

excuse me, you must not be reading your bernenke mantra. there can be no inflation in that country because of an output gap and unemployment.

Tue, 05/31/2011 - 12:03 | 1325583 Problem Is
Problem Is's picture

Sweet...

The Bernank:

"No, no, no. We just sent the gold out for tungstenization..."

BTW Tyler: I thought everyone loved crazy flying saucer and alien shit??

Tue, 05/31/2011 - 12:03 | 1325591 alien-IQ
alien-IQ's picture

that report is pretty..."out there"...even for me. Reads more like s B-Film Action thriller.

Tue, 05/31/2011 - 16:20 | 1326364 kumquatsunite
kumquatsunite's picture

What ya gotta love about Putin is his unapologetic, unwavering belief that all is Russia and Russia is all. We have now seen that the "we can all live together and kumbiyah around the campfire" is right? A complete and absolute lie. There ain't no people in the world that could have been sold a bill of goods to destroy their own country like the American people have agreed to. Funny isn't it? The liberals get to live and have their little wine parties because of all the people that fought and died for this country's sovereign borders so that the liberals can destroy it via immigration. Now that's irony.

 

Tue, 05/31/2011 - 11:54 | 1325565 Mongo
Mongo's picture

"Post-program monitoring"?

 

What the fuck is that?

Tue, 05/31/2011 - 11:58 | 1325568 Muir
Muir's picture

A chicken little moment you mean.

Tue, 05/31/2011 - 11:55 | 1325569 alien-IQ
alien-IQ's picture

it's not hyperinflation...it's the wealth effect.

Do NOT follow this link or you will be banned from the site!