Posts Tagged ‘Elias Canetti’

Elias Canetti: Inflation Identity

Posted by admin on Tuesday, November 22, 2022

Meaning of Elias Canetti Money Quote: saying What is it that happens in an inflation? The unit of money, There in one’s hand, are no longer millions in fact, but only in name. Elias Canetti said:
 
What is it that happens in an inflation? The unit of money, There in one's hand, are no longer millions in fact, but only in name Quote
 

“What is it that happens in an inflation? The unit of money suddenly loses its identity. The crowd it is part of starts growing and, the larger it becomes, the smaller becomes the worth of each unit. The millions one always wanted are suddenly there in one’s hand, but they are no longer millions in fact, but only in name” — Elias Canetti

 

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Elias Canetti is describing the psychological and economic impacts of inflation through this quote. He explains that during a period of high inflation, each monetary unit (e.g. each dollar) begins to lose its fixed meaning or value.

As inflation accelerates and more money is printed or enters circulation, the overall “crowd” of money grows in size but the purchasing power of each individual unit shrinks proportionally.

Canetti suggests this means the large sums that people dreamed of accumulating are suddenly within their grasp in nominal terms, but their real economic value has diminished greatly due to inflation. So while the numbers may be larger, each unit buys much less.

The quote conveys how inflation can create an illusion of wealth as numbers rise but steadily erodes people’s purchasing power and savings in real terms.

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