EDITOR'S NOTE: Bloomberg recently had some interesting advice for Americans on how to deal with inflation, and now, the article is being widely mocked on social media. Authors Patrick Gillespie and Ignacio Olivera Doll advised Americans to deal with inflation like Argentinians do, where they face 50% yearly inflation, much higher than the 6.8% in the U.S. Some of Gillespie and Doll's advice includes saying Americans should "spend your paycheck right away," "borrow lots of money," and "buy homes and cars." This extreme advice set many Americans off on social media. Many mocked the outlet and the piece's authors. In contrast, others noted that this seems like yet another sign that hyperinflation is on its way to the U.S. A solid piece of advice to those who want to escape the mounting losses of purchasing power would have been to implore their audience to buy non-fungible, sovereign-minted gold and silver! If you aren't familiar with how and why non-fungible metals are better than bars and bullion, please call 800-474-9159.
New report from the Department of Labor show the biggest increase in inflation in 39 years.
Bloomberg gave some interesting advice on Saturday for American families that are struggling with inflation.
In an article titled, "For Americans Shocked by Inflation, Argentines Have Some Advice" was written by Bloomberg reporters Patrick Gillespie and Ignacio Olivera Doll which included the suggestion that Americans spend their paycheck right away and borrowing more.
"In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks’ worth of groceries in a single shopping trip, even if some of it -- excess meat, chicken, fish -- will sit in the freezer for months," Gillespie and Doll wrote.
They added "And don’t hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation -- something that’s possible for many Americans today -- go for it. Inflation will make it easier to repay the loan in coming months and years."
Twitter users soon reacted to the idea of spending more in the middle of rising inflation rates.
"Bloomberg next week –‘Some of the advice on how to cope with rising inflation includes: Stop using cash and switch to bartering,'" Sen. Ted Cruz advisor Omri Ceren tweeted.
Journalist Ian Miles Cheong wrote, "America is turning into the Weimar Republic with financial magazines advising people to spend their paychecks as soon as they get paid. Hyperinflation is coming."
Former investment banker Carol Roth quoted a line from a deleted World Economic Forum video writing "You will own nothing and you will be happy."
Bloomberg next week -
"Some of the advice on how to cope with rising inflation includes: Stop using cash and switch to bartering." https://t.co/TJXPyGhMZt
— Omri Ceren (@omriceren) December 12, 2021
America is turning into the Weimar Republic with financial magazines advising people to spend their paychecks as soon as they get paid. Hyperinflation is coming.
— Ian Miles Cheong @ stillgray.substack.com (@stillgray) December 12, 2021
“You will own nothing and you will be happy” https://t.co/USdiv5zdQ0
— Carol Roth (@caroljsroth) December 12, 2021
— David Hobby (@strobist) December 12, 2021
Toss away your money before it can devalue further!
Where would we be without MSM advice? https://t.co/eGfS0JgsYp
— Cory Morgan (@CoryBMorgan) December 12, 2021
Just wear a sweater. https://t.co/IZWNQdm8jN
— Stephen L. Miller (@redsteeze) December 12, 2021
FILE PHOTO: Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. (REUTERS/Mike Blake/File Photo)
According to a new Labor Department report released last week showed inflation rose 6.8%, the biggest increase in 39 years. As inflation continues to hurt Americans, some media figures have chosen to either ignore or insist that inflation is not an issue.
MSNBC’s Joy Reid said in November that "Consumer confidence is at its lowest level in a decade, according to a University of Michigan survey, and that lack of confidence has translated into a drop in Biden’s approval rating in part because Republicans are seizing on inflation and blaming Joe Biden for it personally."
Fox News’ Cortney O’Brien contributed to this report.
Originally posted on Fox News.