MARK MOBIUS leads Mobius Capital Partners as one of its founding partners. Formerly the executive chairman of Templeton Emerging Markets Group, Mark has extensive experience in economic research and analysis, particularly in emerging markets. He has served on the World Bank's Global Corporate Governance Forum as a member of the Private Sector Advisory Group. www.markmobius.com

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• Preface xiIntroduction xvAcknowledgments xxiiiAbout the Author xxv1 History and Inflation 1History as InflationImportance of Inflation NumbersThe Long CoffinMarco Polo and MoneyGold and Silver CoinsMoney and TrustThe Urge to DebaseRome’s DebasementEngland’s DebasementShells and Money2 The Critical Importance of Inflation Numbers 21Making Important Policy Decisions onInflation DataInternational Interest in InflationThe Influential MeasureImpact on Individual LivesThe Popularity of Inflation NumbersIndia Stops Futures Trading To Influence InflationChina’s Efforts To Influence The CPI NumbersThe Effect of Mexican Tomatoes On InflationVenezuela Attempts To Rein In Inflation ThroughA CryptocurrencyFed UpInflation Numbers Knock-on EffectWage indexingWhen Central Bank Actions Fail To InfluenceInflationInvestment Decisions and Inflation NumbersBank Decisions3 What is Inflation? 37What the Experts SayDefining InflationInflation as a Worldwide Disaster4 What is Hyperinflation? 53What the Experts SayHyperinflations around the WorldThe German Hyperinflation ExperienceYugoslavia: Printing Money To PayGovernment DebtLegalized Looting In ZimbabwePrinting 30 Tons of Zairean Banknotes5 Money Supply and Inflation 67Inflation as a Monetary PhenomenonWhat Is The Money Supply?Measuring Money SupplyMoney Creation through Fractional-ReserveBankingThe Money IllusionCredit Is MoneyThe Collapse of Paper MoneyDemise of the DollarThe Gold StandardThe Universe of Cryptocurrencies6 Measuring Inflation 85Why You Can’t Trust the Inflation NumbersThe History of Measuring InflationBuilding the IndexGin and Inflation MeasurementThe Boskin CommissionUS GDP Numbers QuestionedWhat Are People REALLY Buying?The Changing Time and Place BiasMarket-Basket BiasData Gathering DifficultiesComplexityData GatheringCurrency Change DifferencesCurrency Confusion – The TengePakistan Statistics ConcernsChina’s Suspect StatisticsUK Inflation Index CredibilityIndia – Data Gathering DifficultiesThe Brazil ExperienceUrban–Rural Inflation Differences In ChinaInflation Differences Within TurkeyMalaysia ConcernsSouth Africans Skeptical TooIncome DifferencesWhat Statistics Fail to Measure7 Controlling and Manipulating Inflation 125Governments’ Vested InterestCentral Banks Control AttemptsThe Phillips CurveThe Taylor RuleThe Fisher EffectInflation TargetingThe Magic 2%The Low Inflation TrapArgentina: Lies, Damned LiesBrazil Anti-Inflation EffortsChinese Government Efforts to Control InflationPhilippines Data ControlVenezuela – Eliminating a BillIndia Control EffortsKorea: Consumer Pressure8 The Wonderful World of Deflation 155What the Experts Say:The Trend towards Lower Prices and RisingIncomesFood and GoldProductivity and DeflationTechnology and DeflationDeflation is Next Door – Singapore and MalaysiaPricesDeflating the World’s FairLinking Income and CostsDeflation StatisticsUS DeflationSingapore DeflationJapan DeflationIndia DeflationChina Deflation9 Conclusions 195References 199Index 211

MARK MOBIUS leads Mobius Capital Partners as one of its founding partners. Formerly the executive chairman of Templeton Emerging Markets Group, Mark has extensive experience in economic research and analysis, particularly in emerging markets. He has served on the World Bank's Global Corporate Governance Forum as a member of the Private Sector Advisory Group. www.markmobius.com

Select Guide Rating

• Preface xiIntroduction xvAcknowledgments xxiiiAbout the Author xxv1 History and Inflation 1History as InflationImportance of Inflation NumbersThe Long CoffinMarco Polo and MoneyGold and Silver CoinsMoney and TrustThe Urge to DebaseRome’s DebasementEngland’s DebasementShells and Money2 The Critical Importance of Inflation Numbers 21Making Important Policy Decisions onInflation DataInternational Interest in InflationThe Influential MeasureImpact on Individual LivesThe Popularity of Inflation NumbersIndia Stops Futures Trading To Influence InflationChina’s Efforts To Influence The CPI NumbersThe Effect of Mexican Tomatoes On InflationVenezuela Attempts To Rein In Inflation ThroughA CryptocurrencyFed UpInflation Numbers Knock-on EffectWage indexingWhen Central Bank Actions Fail To InfluenceInflationInvestment Decisions and Inflation NumbersBank Decisions3 What is Inflation? 37What the Experts SayDefining InflationInflation as a Worldwide Disaster4 What is Hyperinflation? 53What the Experts SayHyperinflations around the WorldThe German Hyperinflation ExperienceYugoslavia: Printing Money To PayGovernment DebtLegalized Looting In ZimbabwePrinting 30 Tons of Zairean Banknotes5 Money Supply and Inflation 67Inflation as a Monetary PhenomenonWhat Is The Money Supply?Measuring Money SupplyMoney Creation through Fractional-ReserveBankingThe Money IllusionCredit Is MoneyThe Collapse of Paper MoneyDemise of the DollarThe Gold StandardThe Universe of Cryptocurrencies6 Measuring Inflation 85Why You Can’t Trust the Inflation NumbersThe History of Measuring InflationBuilding the IndexGin and Inflation MeasurementThe Boskin CommissionUS GDP Numbers QuestionedWhat Are People REALLY Buying?The Changing Time and Place BiasMarket-Basket BiasData Gathering DifficultiesComplexityData GatheringCurrency Change DifferencesCurrency Confusion – The TengePakistan Statistics ConcernsChina’s Suspect StatisticsUK Inflation Index CredibilityIndia – Data Gathering DifficultiesThe Brazil ExperienceUrban–Rural Inflation Differences In ChinaInflation Differences Within TurkeyMalaysia ConcernsSouth Africans Skeptical TooIncome DifferencesWhat Statistics Fail to Measure7 Controlling and Manipulating Inflation 125Governments’ Vested InterestCentral Banks Control AttemptsThe Phillips CurveThe Taylor RuleThe Fisher EffectInflation TargetingThe Magic 2%The Low Inflation TrapArgentina: Lies, Damned LiesBrazil Anti-Inflation EffortsChinese Government Efforts to Control InflationPhilippines Data ControlVenezuela – Eliminating a BillIndia Control EffortsKorea: Consumer Pressure8 The Wonderful World of Deflation 155What the Experts Say:The Trend towards Lower Prices and RisingIncomesFood and GoldProductivity and DeflationTechnology and DeflationDeflation is Next Door – Singapore and MalaysiaPricesDeflating the World’s FairLinking Income and CostsDeflation StatisticsUS DeflationSingapore DeflationJapan DeflationIndia DeflationChina Deflation9 Conclusions 195References 199Index 211

MARK MOBIUS leads Mobius Capital Partners as one of its founding partners. Formerly the executive chairman of Templeton Emerging Markets Group, Mark has extensive experience in economic research and analysis, particularly in emerging markets. He has served on the World Bank's Global Corporate Governance Forum as a member of the Private Sector Advisory Group. www.markmobius.com

Select Guide Rating

• Preface xiIntroduction xvAcknowledgments xxiiiAbout the Author xxv1 History and Inflation 1History as InflationImportance of Inflation NumbersThe Long CoffinMarco Polo and MoneyGold and Silver CoinsMoney and TrustThe Urge to DebaseRome’s DebasementEngland’s DebasementShells and Money2 The Critical Importance of Inflation Numbers 21Making Important Policy Decisions onInflation DataInternational Interest in InflationThe Influential MeasureImpact on Individual LivesThe Popularity of Inflation NumbersIndia Stops Futures Trading To Influence InflationChina’s Efforts To Influence The CPI NumbersThe Effect of Mexican Tomatoes On InflationVenezuela Attempts To Rein In Inflation ThroughA CryptocurrencyFed UpInflation Numbers Knock-on EffectWage indexingWhen Central Bank Actions Fail To InfluenceInflationInvestment Decisions and Inflation NumbersBank Decisions3 What is Inflation? 37What the Experts SayDefining InflationInflation as a Worldwide Disaster4 What is Hyperinflation? 53What the Experts SayHyperinflations around the WorldThe German Hyperinflation ExperienceYugoslavia: Printing Money To PayGovernment DebtLegalized Looting In ZimbabwePrinting 30 Tons of Zairean Banknotes5 Money Supply and Inflation 67Inflation as a Monetary PhenomenonWhat Is The Money Supply?Measuring Money SupplyMoney Creation through Fractional-ReserveBankingThe Money IllusionCredit Is MoneyThe Collapse of Paper MoneyDemise of the DollarThe Gold StandardThe Universe of Cryptocurrencies6 Measuring Inflation 85Why You Can’t Trust the Inflation NumbersThe History of Measuring InflationBuilding the IndexGin and Inflation MeasurementThe Boskin CommissionUS GDP Numbers QuestionedWhat Are People REALLY Buying?The Changing Time and Place BiasMarket-Basket BiasData Gathering DifficultiesComplexityData GatheringCurrency Change DifferencesCurrency Confusion – The TengePakistan Statistics ConcernsChina’s Suspect StatisticsUK Inflation Index CredibilityIndia – Data Gathering DifficultiesThe Brazil ExperienceUrban–Rural Inflation Differences In ChinaInflation Differences Within TurkeyMalaysia ConcernsSouth Africans Skeptical TooIncome DifferencesWhat Statistics Fail to Measure7 Controlling and Manipulating Inflation 125Governments’ Vested InterestCentral Banks Control AttemptsThe Phillips CurveThe Taylor RuleThe Fisher EffectInflation TargetingThe Magic 2%The Low Inflation TrapArgentina: Lies, Damned LiesBrazil Anti-Inflation EffortsChinese Government Efforts to Control InflationPhilippines Data ControlVenezuela – Eliminating a BillIndia Control EffortsKorea: Consumer Pressure8 The Wonderful World of Deflation 155What the Experts Say:The Trend towards Lower Prices and RisingIncomesFood and GoldProductivity and DeflationTechnology and DeflationDeflation is Next Door – Singapore and MalaysiaPricesDeflating the World’s FairLinking Income and CostsDeflation StatisticsUS DeflationSingapore DeflationJapan DeflationIndia DeflationChina Deflation9 Conclusions 195References 199Index 211