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Hyperinflation or Hyperdeflation?

- Antal E. Fekete - Gold University

The primary difference between Weimar Germany and America was that W.G. did not have a functioning bond market. There has never been a nation with a functioning bond market that has experienced hyperinflation. Nor will there ever be.

The likelihood of a war with Iran leading to hyperinflation seems remote in the extreme to me. As seen from my perch in the cheap seats, the only way to bring about hyperinflation would be for the formation of a third political party that will vow to repudiate the national debt. If it received enough public support, nobody would dare to purchase U.S. debt. For the sake of those who have not yet been impoverished by a government hell-bent on keeping the bond holders happy, it would be better if this happens sooner rather than later. But make no mistake, be it as a result of such a third party or events overtaking whichever crime syndicate that happens to occupy the Oval Office at the time, repudiation of the debt is how it will end. That is how sovereign debt crises always get resolved. There is no reason to believe that this one will end any differently.

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Beginning of the headline :The reason why QTM fails is that money is not one-dimensional. It is in fact two-dimensional. Quantity is one, and the velocity of circulation is the other dimension. Central banks control the former, and the market firmly controls the latter. As long as fair weather lasts, velocity may be ignored. But as soon as the weather grows foul, velocity returns with a vengeance. If it increases, we talk about inflation. If it decreases, we talk about deflation. In the extreme... Read More

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