But in the end it's a monetary phenomenon and it is the government's choice to have inflation instead of other (painful) measures to address a distribution problem.
I would say the truly necessary component to the hyperinflation phenomenon is the existence of privileged borrowers. When inflation is high, market interest rate is also high. To benefit from inflation one must be able to borrow at below inflation rate. With credit money borrowing is what creates new money. Often it's the government that chooses this over taxation for its own funding. Other times there may be other entrenched private interests who enjoy such privileges.
Its a psychological phenomenon. Lock people up for 2 years and they will want to go crazy when they get out.
Its the same reason why alcohol consumption is up and so is smoking for the first time in some years. Drug consumption is also up.
Appetite for debt is also up, anecdotally I have been thinking a lot recently on how being debt free causes me to leave lots of potential consumption, experiences and general quality of life on the table. All those things could be financed with debt. Never had such thoughts in the 2008-2019 decade
All sorts of violence is also having an uptick on a chart which is secularly going down.
I will go to my grave thinking that Putin would have never invaded Ukraine had he been able to host his monthly “kiss my ring” cerimonies/parties with his cronies. Instead he self isolated for 2+ years and he still mostly is.
Social isolation creates all sorts of pent up energy of all kinds
I will go to my grave thinking that Putin would have never invaded Ukraine had he been able to host his monthly “kiss my ring” cerimonies/parties with his cronies. Instead he self isolated for 2+ years and he still mostly is.
That does seem to have some acceptance among people who (seem to) know what's going on. During the worst of the pandemic, nobody could meet with Putin without undergoing significant quarantine time first. Some reports say it was a matter of weeks.
As a result only the most hardcore of the hardcore yes-men were granted an audience with the Little Czar. Competence, economic and military knowledge, and sound judgement were complete non-factors.
The Ukrainians, the Americans, the Chinese by all means, everybody everywhere had to suffer through the pandemic of really isolation. Serious isolation. Pretending screens were people, the only place you saw people's whole face was on Zoom.
You're forgetting that Putin attacked Ukraine in 2014 and the war was ongoing since then. This is just latest chapter of it - The reason why a lot of early defense was purely on Territorial Defense Forces was due to mainline forces being locked on Donbas front since before 2021.
I would say the truly necessary component to the hyperinflation phenomenon is the existence of privileged borrowers. When inflation is high, market interest rate is also high. To benefit from inflation one must be able to borrow at below inflation rate. With credit money borrowing is what creates new money. Often it's the government that chooses this over taxation for its own funding. Other times there may be other entrenched private interests who enjoy such privileges.