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The Intelligence from The Economist

Debasement all around: lessons from 16th-century inflation

The Intelligence from The Economist

The Economist

Global News, Daily News, News

4.53.7K Ratings

🗓️ 28 December 2022

⏱️ ? minutes

🧾️ Download transcript

Summary

In 2022 global inflation spiked at a rate not seen in decades. A look at the world’s very first such bout reveals eerie echoes of today’s woes—and lessons for tackling them. Our correspondent meets Indonesia’s Baduy people, for whom modernity is encroaching on strict religious and ascetic ways. And our data team finds that favourite dog breeds vary by country. Additional music courtesy of Wim van Zanten. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

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Transcript

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0:00.0

Hello and welcome to the Intelligence from the Economist.

0:06.4

In London, I'm Jason Palmer.

0:08.4

And in New York, I'm John Fassman.

0:11.4

Every weekday we provide a fresh perspective on the events, shape the world.

0:18.2

Not far from Indonesia's capital lies a community of thousands who live a religious, ascetic

0:23.6

life.

0:24.6

Our correspondent meets with the Bad Wee people and finds some edging out into the modern

0:29.1

world just as that world encroaches on their way of life.

0:34.8

And every dog must have its day, but some get more days than others.

0:39.4

Our data team comb through the numbers to determine what determines a breed's popularity.

0:46.1

It varies by country, but it turns out that starring in a movie really helps.

0:55.8

The emergence of COVID-19 brought about a global health crisis and danger in millions of

1:09.8

lives.

1:11.6

But it also resurrected an old enemy that economists, politicians, and bankers, especially in advanced

1:17.9

countries, had come to see as no longer much of a threat.

1:22.9

Conflation, my colleagues and I are strongly committed to bringing inflation back down to

1:27.6

our 2% goal.

1:30.2

We have both the tools that we need and the resolve it will take to restore price stability

1:34.1

on behalf of American families and businesses.

1:37.2

Today's surge in prices, only a year or so old, has already had profound social and

1:42.9

political consequences.

1:45.9

Consumer confidence is at rock bottom as real wage is decline.

...

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