Just because Schiff sees whats coming earlier than anyone else doesn't mean he is wrong. I feel hyperinflation is certainly in the cards. Schiff's mistake was not seeing the rest of the world following in the US's footsteps proping us up for a while.
Hyperinflation is inevitable, as the US dollar loses its reserve status and the mind-boggling amount of US dollars held in reserve by the rest of the world comes flooding back here. Same thing happened to Weimar Germany, they paid other countries in printed marks, those marks came flooding back in and hyperinflation resulted.
Now this isn't to say that it's going to happen tomorrow, but it will happen. Fiat currencies are doomed in the zero-trust environment created by the world's central bankers and deficit-spending governments.
“If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”
- SAMUEL ADAMS
Hyperinflation is NOT likely to happen in the United States within any kind of workable future. I know many doomsayers will disagree, but it's not.
I disagree about hyperinflation. I think it will occur soon(less than 10 years). The pressure on rates to move higher will be too great.
Lemme know when a Union wants to get paid in Euros or gold rather than more dollars.
Stop the Looting and Start Prosecuting! Gold plated Tungsten IS Money!
We Must Dissent A colher não existe.
A government is just a body of people, notably, usually, ungoverned.
"You mean this entire war started because The Empire dressed as the enemy? That's exactly what happened in the last major war! Our government is so stupid!"
Now that we passed the "off the cliff date". it all makes perfect sense to the common man:
When they took away the penny, I didn't speak up... After ll, how much can a penny buy these days?
When they took away the nickel I didn't speak up...
When they took away the dime, I didn't speak up...
When they took away the quarter, I didn't speak up...
When they took away the half-dollar, I didn't speak up...
When they took away the dollar, Well, I never liked that Suzan B Anthony coin anyhow,
but when I found out the paper dollar bill was going away too, I said, "hey now, wait a minute..."
Then I looked into buying gold, but it was just too darn expensive.
That guy on the news said I could exchange five of my one dollar bills for a nice new five dollar bill, imagine that...
It's that simple. I felt like a fool, so I shut up again and bought a Powerball lotto ticket!
Now, quit your complaining and go find a government protected job that gets automatic pay raises (locked to inflation)!
In addition to the topic: Well, what's the alternative? Perpetual purchasing of $40 Billion in MBS every month until the economy gets better? Unfortunately the "print & pray" approach doesn't bode well for the future IMO. We either absolve the debt through choice (assuming the choice is still there, I'm not even sure) or print to infinity and wait for inevitability.
ya know, a lot of the Austrians (Ron Paul included) who have harped about mass inflation for the last 5 years have simply been wrong. Granted, eventually it will come but Schiff and the others who screamed that the sky is falling have just been wrong. At this point at least.