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However most of the inflation that happened to the GBP between 1750 and 2022 happened in the last 100 years. £100 in 1750 was worth £400 in 1922 and £24000 in 2
by aftbit 5y ago
However most of the inflation that happened to the GBP between 1750 and 2022 happened in the last 100 years. £100 in 1750 was worth £400 in 1922 and £24000 in 2022. That's 4x in 172 years vs 60x in only 100 years.
- pavlov 5y agoI think the WWI experience soured the British political class on the gold standard: wild inflation during the war, followed by serious deflation when it was time to rebuild. The swing is impressive in that buying power chart. Also, I'm sure the average British voter likes what has been achieved in the past hundred years and prefers inflation to having no money in a rigid class society.
- notahacker 5y agoYep. Having 15% inflation cancelled out by 15% deflation is superior to relatively consistent 2% inflation for rich people who don't need to spend their money, and prefer to preserve their wealth over decades without risking investing it in something productive. It's not for people who can afford 15% less food that year, or people trying to invest money in actual businesses.