For several years I’ve been seeing and hearing about hyperinflation but I’ve never found any evidence to support it. In looking for evidence I tried plotting the ratio of M2 to MBASE using FRED data since 1959 (M2NS / BOGMBASE) and some annual, long history from 1918. (Long history plot attached.) All I see is an indication of deflation, or at least low inflation. Do you think this is a useful indicator?
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