The threat of hyperinflation has haunted fiat money economies throughout history.
Although past empires crumbled under the weight of unrestrained money printing, modern bankers at the Federal Reserve assure us that today’s financial system is immune to such a fate. Austrian business cycle theory, however, reveals that current economic stimulation may be propelling us toward a crisis of catastrophic proportions: a crack-up boom that marks the dramatic end of this boom-and-bust cycle. When a central bank expands the money supply to reinflate bubbles, it destroys the currency’s purchasing power. This endgame, in which the monetary system crumbles beneath a weak economy, represents the ultimate failure of interventionism. Once the public expects prices to keep rising, hyperinflation becomes a self-fulfilling prophecy. The Expanding Boom-and-Bust Cycle Ends in a Crack-Up Boom
To comprehend the precarious state of America’s monetary system, we must first review the boom-and-bust cycle as formulated by Ludwig […]
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