{"id":70331,"date":"2021-12-24T04:15:54","date_gmt":"2021-12-24T12:15:54","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=70331"},"modified":"2021-12-28T11:10:02","modified_gmt":"2021-12-28T19:10:02","slug":"black-coffee-24-dec-2021","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id70331-black-coffee-24-dec-2021.html","title":{"rendered":"Black Coffee: Blowing Hot and Cold"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

I hope everybody had a wonderful week. And with that, let’s get right to this week’s commentary, shall we?<\/p>\n

What is Christmas? It is tenderness for the past, courage for the present, and hope for the future.<\/em><\/p><\/blockquote>\n

— Agnes M. Pahro<\/strong><\/p>\n

Remember this December, that love weighs more than gold.<\/em><\/p><\/blockquote>\n

— Josephine Daskam Bacon<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? The Turkish lira’s 58% decline this year had sent local investors flocking to stocks to shield their savings, making Istanbul among the best-performing markets of 2021 in local currency terms, but the worst when measured in US dollars (USD). Even worse, for the past week, Turkish stock prices have plunged<\/a> in USD terms and are now back to levels last seen in 2004, confirming again that the stock market is not<\/strong><\/em> a viable store of value during hyperinflation. Remember that, folks.<\/p>\n

\"\"<\/a> \"\"<\/a><\/p>\n

Debit:<\/strong><\/span> On a related note, a new study has found that the historic levels of inflation will require the average US household to spend $3500 more in 2021<\/a> to achieve the same level of consumption of goods and services as in 2019 or 2020, with lower-income households spending roughly 7% more on such goods and services, while higher-income households will have to spend about 6% more. So needless to say, inflation is running hot … which is precisely<\/strong><\/em> how this guy likes it:<\/p>\n