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November 08, 2008

Are We Headed for Hyperinflation?

Michael Blowhard writes:

Dear Blowhards --

Peter Schiff seems to think that hyperinflation is worth a worry:

And as for the car companies ...

Best, and mighty concerned about his meager savings and fixed income,


posted by Michael at November 8, 2008


Schiff's reasoning seems to be something like this. The gov't is doing horrifically expensive things. There are only three ways to do this: 1) raise taxes, 2) go deeper into debt, and 3) inflate the currency. They seem to realize that doing 1 on the cusp of a depression would be disastrous (not only for us but for them), and they can't do much more of 2 because foreigners are starting to realize they have already loaned us too much money. That only leaves 3. Which would mean that inflation is a worry. Whether we will have some kind of hyper-inflation, which he also seems to believe, seems like an entirely different issue to me.

Posted by: Lester Hunt on November 8, 2008 3:57 PM

Are we headed for hyperinflation?
Pro economists poo-poo the idea, but these are the same people who didn't see the current debacle coming. They're also the same people who smirk at gold bugs, but precious metals are historically the best haven from fiat currencies. The problem is finding bullion at the retail level. Try calling any coin shop and see what they tell you. In the meantime, mining stocks have just had a brutal correction and are a gift from heaven at current prices. Just don't put 'em in your IRA, as there is already discussion about nationalizing 401ks and IRAs. And don't forget to take physical possession of the paper stock certificates. Imagine making a killing on mining stocks and having your broker go teats up. Yes, SIPC will probably make you whole after a several month wait, but you might get long-dated US government bonds instead of the shares you had with your broker.

Posted by: James O. on November 8, 2008 11:42 PM

Do you seriously think that Hank Paulson & Co., throwing, so far, over a trillion dollars at the wall to see if anything sticks, knows where we're going?

And over the horizon that's not the cavalry coming to the rescue, it's a committed statist salivating to throw more (of our) dollars at every wall in sight.

Posted by: ricpic on November 9, 2008 9:15 AM

While we are on the subject of inflationary policies, does anyone know if there is a movement afoot to encourage people to return/tear up/burn their next "stimulus" check? I wan to join up if there is.

Posted by: Lester Hunt on November 9, 2008 1:39 PM

Anyone who still listens to the evening news, CNBC and the mainstream media for any serious financial advice is seriously misguided. The media is so filled with perma-bulls that you can hardly find a straight shooter anywhere. Thank goodness for Shiff and Denninger and others.

Posted by: T. AKA Ricky Raw on November 11, 2008 4:50 PM

What Lester said.

With this addendum: Obama says he plans to have the government do a lot more very expensive things.

Posted by: Rich Rostrom on November 12, 2008 7:56 PM

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