Hyperinflation Warnings: Bad Government Has Awful Consequences

In 1965, I wrote a check for $165.00 in Rio de Janeiro to a famous jewelry store. It was not cashed until exactly a year later, the legal time limit on checks. The Brazilian inflation rate was over 80 percent that year, and my check was passed around and used as a substitute for the rapidly declining value of Brazilian currency.

Brazilian inflation began a sharper escalation after 1981, when the rate had climbed to 102 percent annually. By 1990, the inflation rate was over 70 percent per month and peaked at an annual rate of 2,948 percent.

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