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The inflation of the 1970s came about primarily because Fed chairman Arthur Burns gunned the money supply to get Richard Nixon re-elected in 1972
Hyperinflation is out of control inflation and has occurred when there is a massive imbalance between the supply and demand and a complete loss of confidence in the currency. It has occurred when prices are decontrolled by central governments, like in the collapse of the [[USSR]], where inflation reached over 1000% in some areas. <ref>[http://globalis.gvu.unu.edu/indicator.cfm?IndicatorID=152&Year=1995&Country=UA] Inflation Indicators Ukraine</Ref>
Hyperinflation is out of control inflation and has occurred when there is a massive imbalance between the supply and demand and a complete loss of confidence in the currency. It has occurred when prices are decontrolled by central governments, like in the collapse of the [[USSR]], where inflation reached over 1000% in some areas. <ref>[http://globalis.gvu.unu.edu/indicator.cfm?IndicatorID=152&Year=1995&Country=UA] Inflation Indicators Ukraine</Ref>
==Politics and inflation==
[[Bruce Bartlett]] wrote:
*Inflation is fundamentally a monetary phenomenon. The inflation of the 1970s came about primarily because Fed chairman Arthur Burns gunned the [[money supply]] to get [[Richard Nixon]] re-elected in 1972. He was followed by [[G. William Miller]], appointed by [[Jimmy Carter]]. Miller didn’t have a clue about [[monetary policy]] and only made the dismal inflation situation he inherited far worse. [http://www.nationalreview.com/nrof_bartlett/bartlett200406140846.asp]
==Measures of inflation==
==Measures of inflation==