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James Kunstler on our economic prospects: Hyperinflation

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lutherj Donating Member (788 posts) Send PM | Profile | Ignore Mon Dec-08-08 12:03 PM
Original message
James Kunstler on our economic prospects: Hyperinflation
"So much artificially-generated pixel "money" is being pumped into the system now that it will eventually overtake the quantity of capital currently vanishing in the form of exposed securities swindles, unwinding bad debt, and imploded worthless counter-party contracts. The pixel money will express itself as super or hyper inflation, lagging from 6 to 18 months from the time it was actually introduced in the form of bailouts."

http://www.kunstler.com/index.html


Here's a photo-essay of what runaway inflation looks like (in Zimbabwe):

http://www.boncherry.com/blog/2008/10/26/global-crisis-...
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truedelphi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:07 PM
Response to Original message
1. Thank you for your attempts to shed light on this
Edited on Mon Dec-08-08 12:08 PM by truedelphi
Most people, including many here on DU, want to believe that with Obama's inauguration, the economy will immediately rebound.

Highly unlikely, especially given that Obama is demonstrating a bit too much of the old Corporate Interests needing to be served.

Geithner and Rubin should be jail bound, not bound for positions in the new administration.
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lutherj Donating Member (788 posts) Send PM | Profile | Ignore Mon Dec-08-08 12:36 PM
Response to Reply #1
2. I agree with you completely. I wrote the following earlier today in response to another post
which I don't think lasted very long:

We may get a short reprieve when the new administration comes in, but I think the economy is going to crash hard. In my opinion, the bailouts are ultimately useless. If it didn't have such heartbreaking ramifications for everyday people in the real world, the spectacle of these stuffed-suit capitalists trying to redeem their souls by throwing all this meaningless paper at each other would be hilarious. In my opinion though, we should be doing the opposite of bailing out these financial institutions. I think we should shut down the entire credit industry. Tell them to turn off the lights, lock the doors, and go home - it's done. We tell everyone that debts are written off, that everyone owns the home they are living in, and we find homes for the homeless. Most of corporate culture would collapse, the monetary system would collapse. We start a massive public works program where everyone is involved in re-localizing our economy, rebuilding our communities, and transitioning to a sustainable lifestyle.
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:54 PM
Response to Reply #2
3. I'd have to agree with you there - and other than the short term of
how to get food and utilities working in such a collapse, think most people would be better off than they are right now.
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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:59 PM
Response to Original message
4. I think you are wrong. I think the real problem we will face will be deflation
Watch and see.
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