Twitter CEO believes Hyperinflation will hit US soon
Twitter and Square CEO Jack Dorsey recently took to Twitter to express his concerns over hyperinflation, and what it might do to the US and global economy.
“Hyperinflation is going to change everything. It’s happening,” Dorsey tweeted on Friday. As the name suggests, hyperinflation is a term used to describe an uncontrollable increase in the price of goods and services.
Hyperinflation is going to change everything. It’s happening.
— jack
(@jack) October 23, 2021
The tweet came as the US suffers from supply chain shock, causing its consumer price inflation to almost hit its 30-year high. In response to a comment, Dorsey tweeted, “It will happen in the US soon, and so the world.”
Commenting on Dorsey’s remarks, US investor Anthony Pompliano noted that, “Jack Dorsey and Square sit on one of the most important and accurate data sets in the world to measure true inflation of various goods and services.”
Jack Dorsey and Square sit on one of the most important and accurate data sets in the world to measure true inflation of various goods and services.
They are likely materially more accurate in their measure of inflation than any data set from government organizations.
— Pomp
(@APompliano) October 24, 2021
Mr. Dorsey did not disclose the basis of such a prediction, but the tweet became a hot topic after many users started commenting on the potential impact and historical effects of hyperinflation.
Notably, Federal Reserve Board of Governors (FRB) Chairman Powell also said Friday that inflation pressures “are likely to last longer than previously expected,” with possibilities of running “well into next year.”
Powell also noted that the Fed’s extraordinary help to support the economy has been criticized for promoting inflation and that the Fed would soon withdraw those measures in response.
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