And I often think it's a testament to America that people like Denninger, Jim Rogers and Peter Schiff get some attention and air time over there.
While we here in miserable Britain are stuck with financial 'sages' like Robert Peston.
Anyway, to the point of this post...
This week Mr Denninger posted an interesting piece on printing money in America. And his view is that America won't face hyperinflation -- it will simply collapse...
Let's put this to rest right here and now.
"Hyperinflation", or even "Serious Inflation" (similar to what we had in the 1970s) is impossible without a means to transmit the rise in prices into wages.
In today's United States that simply cannot happen for two reasons:
* The union representation of workers has been eviscerated due to their own idiocy over the previous thirty years. In effect, they have no power to impact economic or labor policy - no matter what Gettlefinger thinks.
* Outsourcing of work to China, India, Mexico and other nations makes wage demands impossible for American workers to enforce. Such demands simply result in the loss of the job to overseas workers.
As a consequence a hyper-inflationary or even seriously-inflationary spiral is impossible to sustain.
What do you think? Could he be right? Will Britain face the same problem?
Possibly in America -- but not here me thinks.
Cos, as we all know, we have a socialist, union funded government. One might almost say a little like Zimbabwe.
Hyperinflation here we come...