This is probably a good thing as the vicious circle of stated inflation driving an inflationary spiral is often the reason for inflation itself, yet below the headlines inflation is just a process of too much money in the system.

FORBES: Stage Already Set For Inflation

The Turkish lira has slipped by more than 80% against the dollar, inflation has resumed its upward spiral, and tens of thousands of Turks have lost their jobs, including some 3, 000 media people.

ECONOMIST: Dark Morning in Turkey

The country is showing signs of a wage-price spiral, with annual inflation touching 26%, labour unrest and a threatened general strike.

ECONOMIST: Sri Lanka

Runaway deflation of this sort can be much more damaging than runaway inflation, because it creates a vicious spiral that is hard to escape.

ECONOMIST: Could it happen again? | The

For higher inflation to become dangerous a wage-price spiral is required, and without higher wages, there is no spiral.

ECONOMIST: The economy

Annual inflation, by the government's own reckoning, will spiral to 230% by December.

ECONOMIST: Russia

Relax those assumptions particularly for wage growth, inflation and interest rates and the government could get itself into a death spiral of rising interest rates and stagnant economic growth that will make the debt practically impossible to service.

FORBES: Treasury Downgrade Isn't Worth Worrying About. Long-Term Deficits Are.