Washington Post: Ukraine unofficially has 272 percent inflation
Ukraine's currency has fallen 70 percent since the start of 2014, and that's pushed it into hyperinflation.
Hyperinflation is always and everywhere a political phenomenon.
It happens after wars or revolutions, when governments have to print the money they need because there's not much of an economy left to tax—which brings us to Ukraine. It had a revolution, it has a war now, and it's all but broke. Inflation is officially 28.5 percent, but, according to Johns Hopkins professor Steve Hanke, it's really more like 272 percent. And that's only going to get worse as long as Ukraine's currency does.
WNU Editor: Regular readers of this blog know that I have family, friends, and associates in Ukraine .... and the picture that they are painting tor me on what is happening in Ukraine right now is grim. Prices have literally exploded .... especially on the essentials .... and no one has any money to pay for it. What is even more frightening is that all savings have been literally destroyed .... and there is now sheer panic on what is going to happen next. Promises from the West that they will provide financial relief have not been delivered, and the economic reforms that are needed for Ukraine to improve its economy have not been implemented. This crisis reminds me of the Weimer Republic in the 1930s .... no bombs had been dropped, no one was killed, the trains ran on time .... but hyperinflation resulted in producing tens of millions of casualties .... and from this disaster came the rise of Adolf Hitler. There are now millions of casualties in Ukraine .... and there is no sign of relief anywhere.
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