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Prices being higher every single day happen only in a context of hyperinflation. Remarking is time-consuming, and makes everything more complicated for everyone. It affects people capacity to buy and sell, and even complicates the calculations involved. So even if prices could rose by a cent everyday they wont until the debt can't be contained any more and you see the sudden step up. That staggered augmentation happens in shorter periods the more you are close to hyperinflation. First things augment from a year to another, then each 6 months, then 4, then 3, then monthly, then weekly, then daily, then by the hour, and believe it or not, by the minute. We faced hyperinflation here at the end of the perverse socialist government of Alfonsín, and at the eight of the disaster people in the market had to get stuff literally running because the price augmented as you walked. It gets that insane. The problem is that the way it starts is difficult to sense. Specially if you can not see the tendency clearly at first, which is made more difficult if prices increase a single time all of a sudden: because it's only one time and it's fast, it hurts but it can be overcome and people tend to dismiss it. Same happens with sudden new taxes "of only 0.2%, only this time". And so it goes on and on....
Thanks for sharing
Wences Cesares is considered bitcoin patient zero in Silicon Valley
I listened to him in a podcast with Russ Roberts in 2013? I can't remember the year
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Fascinating, I didn't know! Do you remember what it was about?