A Bloomberg article has been mercilessly mocked for advising people to 'spend their pay checks immediately' and 'borrow lots of money' to cope with inflation.

The piece takes advice from Argentinians on how they deal with soaring inflation in a country ravaged by 50 percent price rises in a typical year, an extreme increase in the cost of living that's officially called hyperinflation. 

Among the handy tips, it advises Americans to 'negotiate a pay rise - or two' and to 'buy homes and cars.'

The article has been savaged by commentators who claim it is hopelessly out of touch with Americans facing the highest rate of inflation rate in 40 years.

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.' 

'You will own nothing and you will be happy,' former investment banker Carol Roth tweeted.

Spectator columnist Stephen L. Miller joked: 'Just wear a sweater.' 

'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.