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Yes
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It just takes a few people to lose confidence. Then as they get out of bonds and buy real things the central bank monetizes more and prices go up a bit. This then causes a few more people to lose confidence. Eventually you get an avalanche and lots of lost confidence. But it does not take a lot to start the feedback loop.
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I think I can both explain how hyperinflation will happen and also simulate hyperinflation on a computer. Nobody needs to "allow" hyperinflation or vote for it or anything like that. It is like an avalanche, once the conditions are right anything can trigger it. http://howfiatdies.blogspot.com/2012/10/faq-for-hyperinflation-skeptics.html http
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The US had many booms/busts due to government policy before the Fed. The Fed has taken things to a new level, but the idea of messing with the money supply is not new. I have a history here: http://pair.offshore.ai/38yearcycle/
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Thanks. I am a miniarchist but it is not because I am ignorant and it is not without any thought. For example, I have jumped in with some anarchist before and had a long discussion: http://www.freesteader.com/forums/index.php?showtopic=8664&st=0 I still have not seen anything that will stop the "snowballing leech problem". As gangs get
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I have been writing up stuff that I thought was interesting and related to the current economic mess. It has gotten a bit long but I really think it has many interesting things that I did not understand a year ago. I think other Austrian economist types will agree with most of it and still find new stuff. Also, I have lots of links to other good stuff
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There were many US experiments with paper money before the Fed. I have written something about this at: http://pair.offshore.ai/38yearcycle/ I would be interested in any feedback I can get. -- Vince