Hablemos en serio sobre el dinero

En todo el mundo, las personas padecen un grave error de apreciación que les ha impedido adoptar medidas concretas para protegerse de la inflación o la deflación. Dicho error recibe el nombre de "ilusión del dinero": la creencia de que una unidad monetaria nominal es la mejor medida del valor, aun cuando su valor real sea inestable.

Históricamente, la falta de protección contra la inflación o la deflación ha contribuido a propiciar resultados calamitosos. Cuando una inflación espectacular afectó a Alemania en 1923, destruyó el valor real de ahorros (desprotegidos y no ajustados al índice de inflación) de toda la vida y de prestaciones de la seguridad social de millones de personas, cuya ira contribuyó al ascenso del nazismo.

Asimismo, la espectacular deflación que hubo en muchos países de todo el mundo al comienzo del decenio de 1930 aumentó el valor real de las deudas (desprotegidas y no ajustadas al índice de inflación), lo que provocó millones de impagos y quiebras de bancos generalizadas. La deflación aumentó también el valor real de los salarios, con lo que provocó despidos y desempleo. La falta de protección y ajuste al índice de inflación nos trajo la Gran Depresión. Gran parte del malestar económico del Japón en los últimos años refleja también deudas (desprotegidas y no ajustadas al índice de inflación) aumentadas por la deflación desde 1999.

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