Marc wrote:If the US seems to be on the verge of hyperinflation, I am willing to bet that the Fed and/or the US Treasury will find some political way (as tough as that can be) to devalue the currency.
Wow. That requires the political leaders in the FED and the U.S. Treasury to actually see it coming, actually understand the risks, actually know what to do to avoid it, and have the intellectual integrity and political courage to take very painful actions before the crisis is obvious to the average voter.
The author of "Guns, Germs and Steel" wrote a follow on book about societies collapsing. The one common theme was the elites never saw it coming until the peasants came through the elites bedroom window with pitchforks. A more concrete example is elites of both the Democratic and Republican party sitting around a table explaining why construction workers in the United States should not be worried about illegal immigrants taking away their jobs because illegal immigrants just do farm work and yard work. The political elites are often out of touch with realty.