Higgenbotham wrote:
I'm beginning to realize that this is going to end in violence. There's just no other way - this country is broken and can't be fixed.
Mish keeps being amazed that the central bankers keep printing more money. I don't think they can really stop printing money. There is no way taxes can be raised enough to fund the fat governments
of the world and there is not enough savings for them to borrow. Where else is the money really going to come from to fund these huge deficits, if not from printing?
It seems the markets think Romney will be able to fix things. I don't think so, even if he does win. The cuts it would take just have too many people who will line up against them.
One thing that has amazed me about hyperinflation though is that many countries have had it without much violence. The money can fall apart, the economy a total disaster, salaries can't even buy regular food, and yet crime only goes up a bit. Many people who were normal middle class people suddenly living off rice, and yet they plant a garden, get a side job, and stoically struggle through. But "entitlements" may have spoiled Americans into thinking they are owed a decent living to such an extent that violence is more likely than in a normal hyperinflation. There have been riots in the US for much smaller things than this would be. If government were not able to pay poor people enough for them to buy regular food the US would probably get riots.