No need to hope you are wrong, because you ARE wrong. You must have "forgot" that as recently as the 1980's US inflation ran at 20, 25, 30%. The US government survived. That last sentence is what differentiates hyper-inflation... the government does not survive hyper-inflation. 33% inflation is not even close to actual hyper-inflation levels that take governments down! And that is throughout ancient AND modern history! Further you suggest some inflation rate being MAINTAINED for a specified period of time. But, the great masterminds of economics can't make accurate medium to long term forecasts, let alone "control" much of anything, which itself is much different than merely influencing the short term. Anyway, governments have all sorts of options. Debasement (against what, I don't know since money is "fiat", right?) is but one. Debt term-extension is another. Maybe an additional class of currency, perhaps local economy versus international purpose, along the lines of US minted "trade dollars" in the later 1800's. And more. No matter, your initial worry is WRONG! Here's Larry Summers explaining why the Fed can not predict!! Nothing to see, we got this, move along! If they can't forecast or predict, how in the world could they "control" for a final outcome? We got this, move along! https://d33wjekvz3zs1a.cloudfront.n...16/02/Summers-Economy-Not-Predictable.mp4?_=1
I think you should retire from the business of characterizing what other people think and believe, not because that can't be done accurately via careful reading and understanding of another's opinions, but because you're obviously no good at it. As it turns out, there is nothing in your remarks about my views that I am the least inclined to subscribe to. It's all complete nonsense in my opinion.
I found this Burry suff very interesting. Thanks for passing it on. Re the charts of credit growth, I wanted to add that debt is very profitable to lenders. It seems that combining a constant barrage of advertising which fuels are heavily consumer dependent economy and at the same time hold down wage growth in the lower middle class to ever so slightly less than the real inflation rate --whatever that is, we have assured ourselves of continued growth in credit markets and hence the profit to be made from them. The negative difference between what one earns and what one spends is, of course, comprised of credit. It would seem that this is like a game of musical chairs that can not go on forever. The music must stop, and when it does, who will be left without a chair.
But it's so much easier to convince yourself that you're right and everyone you disagree with is wrong if you attribute moronic opinions to them. It's completely optional for them to actually hold those opinions, of course. Cue up the "War on Thanksgiving" or any time someone on the right types or utters the word Venezuela.
Seems to me the Fed can't create money, it can only create debt, since the USD is debt based. See JP Morgan's statement "Gold is money. Everything else is credit."
It always baffles me why anyone would think the amount of an arbitrary mineral we dig out of the ground should determine our money supply, set at an arbitrary exchange rate to that arbitrary mineral which is mined at arbitrary rates determined by various gold finds around the world. In what universe does that make more sense than a fractional reserve system?
The Fed is not allowed to create debt, Congress creates debt. To the extent money represents the notional, non-adjusted value of the debt, the Fed creates the money. I did not read your suggested reading. If golds value became fixed (by government), by definition that is a price control. Regarding currency it is a fixed exchange rate, or currency peg. Bretton Woods blew up because of the fixed exchange rate!!!! Cannabis, like gold, cannot be printed. Reefer Bux might appeal to millennials. Reefer standard still wouldn't work though, but we do know they would choose a candy bar over a gold coin. Cocoa standard also won't work. hmmm. munchie money.
with fractional reserve system some arbitrary folk from the Fed decides who is the winner and who is the loser if we had gold or some other stable medium of exchange game would appear somewhat fair at least money printing for the benefit of a few will result in social unrest like Hong Kong type unless other wealth sharing mechanics are implemented before