Welcome To Hyperinflation Hell: Following Currency Devaluation, Belarus Economy Implodes, Sets Blueprint For Developed World Future

Tyler Durden's picture

"A ‘91-style meltdown is almost inevitable." So says Alexei Moiseev, chief economist at VTB Capital, the investment-banking arm of Russia’s second-largest lender, discussing the imminent economic catastrophe that is sure to engulf Belarus following the surprise devaluation of the country's currency by over 50%, which we announced on Monday. "Unless Belarus heeds Russia’s call for mass privatization
of state assets, it is headed for “hyperinflation, massive un-
and under-employment, and a shutdown of production
" Moiseev concludes. Ah: "privatization" as Greece is about to learn, the lovely word that describes a fire sale of assets to one's creditors, courtesy of a "globalized" new world order. Ironically, this is precisely the warning that will be lobbed at each country in the developed world, as the global race to devalue currencies, first against each other on a relative basis, and ultimately against hard currencies, or on an absolute basis, as the world realizes that there simply is not enough cash flow to cover the interest payments on a debt load, in both the public and private sectors, that continues to rise at an astronomic rate, even as the world prepares to exit from the latest transitory, centrally-planned bounce in the Great Financial Crisis-cum-Depression that started in earnest in 2007 and has been progressing ever since. Ultimately, Belarus will succumb to hyperinflation, as will each and every other government seeking to devalue its currency (hint: all of them): "Unless Belarus heeds Russia’s call for mass privatization
of state assets, it is headed for “hyperinflation, massive un-
and under-employment, and a shutdown of production
,” VTB’s
Moiseev said. The ruble will slide to 10,000 per dollar, he
added." Of course, this is the primary side effect of attempting to avoid formal bankruptcy through currency devaluation. And all those who continue to believe deflation is an outcome that will be allowed by the Fed, need to look just to the former Soviet satellite to see what lies in store for everyone currently doing all in their power to devalue their currency.

First look at the Belarus Ruble chart below: this is what always happens to every country that resolutely continues to live outside its means. Always.

And here are some additional observations from Bloomberg on the country that everyone in the media continues to ignore, yet which will very soon be the model for virtually everyone else engaging in central planning warfare.

The Belarusian central bank let the managed ruble weaken by 36 percent versus the dollar on May 24 as demand for dollars and euros from importers and households threatened to derail an economy already laboring under a current-account deficit equal to 16 percent of gross domestic product. Russia and other former Soviet partners last week agreed to give Belarus a $3 billion loan and urged President Aleksandr Lukashenko’s government to sell $7.5 billion of assets to replenish the state’s coffers.

Finance ministers from former Soviet nations agreed in Minsk on May 19 to give Belarus up to $3.5 billion over three years, with the first $800 million payment expected in the week after a separate meeting on June 4, Russian Finance Minister Alexei Kudrin said in Moscow yesterday.

The Nationalnyi Bank Respubliki Belarus set its official dollar-ruble rate at 4,931 for today’s trading, from 3,155 on May 23, according to its web site. Trading of foreign currency between companies, banks and individuals needs to stay within a 2 percent range of the daily rate, the regulator said May 23, when it announced the devaluation and reintroduced restrictions lifted on the interbank market on April 19 and for households on May 11.

Devaluing the currency will only worsen the situation for Belarus, VTB’s Moiseev said.

“The main problem is that the economy produces goods which consist of little else than a combination of imported spare parts,” he said. “So devaluation only makes things worse.”

Belarus’s economy effectively collapsed in 1991 as the disintegration of the Soviet Union eliminated natural markets for the country’s exports of farm machinery, textiles and agricultural products.

The catalyst for the country's imploding economy: socialism and price controls. Sound familiar?

Lukashenko reintroduced controls on prices and the currency and re-nationalized some companies and infrastructure after coming to power in July, 1994, on a platform of “market socialism.” The nation’s economy returned to growth in 1996, according to World Bank data.

At the Minsk Refrigerator Plant Co. shop in the capital today, about 20 people queued in drizzling rain to use their rubles to buy fridges. While the shop didn’t open on the day of the devaluation, most of the models in the store already had ‘Sold Out’ stickers on their doors.

“I came on Saturday and it was a nightmare, the store was stormed by people who wanted to spend their rubles because of rumors about the devaluation,” said Nikolay, a 74-year-old pensioner who declined to provide his last name. His entire savings of 6 million rubles now buy one fridge compared with three before the devaluation, he said.

The people are not happy...

The devaluation lifted the local price of automobile fuels as much as 24 percent, according to Belneftekhim, an industry group for the country’s oil sector. Last night, about 50 people protested the price increase in the car park of a Minsk hypermarket.

“I can’t describe how I feel without using obscenities, this is all our government’s fault,” said Sergey, a 32-year old attending the protest who works for a computer importer. “The whole world tells them, guys, you have economic problems, you should do something, and all they did was live off getting more and more loans.”

Who can blame the country if it devolves into civil war: as a result of Monday's decision the average salary was "1.6 million rubles
in April, according to the government statistician. Converted
into dollars, it fell to $325 after the May 24 devaluation, from
$507 a day earlier, using central bank exchange rates."

Naturally, the IMF wuz here:

Both the IMF and the EBRD have blamed Lukashenko’s spending before last year’s presidential election for much of the economy’s woes. Lending was increased by 38 percent last year and public-sector salaries rose by about 50 percent, the Washington-based IMF said in a March 9 report.

Belarus got a $3.5 billion bailout loan from the IMF during the global credit crisis and the country has more than $2 billion of ruble and dollar debt outstanding. Foreign-currency reserves hit a 1 1/2-year low in March.

“The ruble is probably still too strong, but devaluation hurts the average consumer through imported inflation and deteriorating purchasing power,” Sanna Kurronen, an economist in Helsinki at Danske Bank A/S, said by e-mail yesterday. “There is really no easy way out of this economic distress and the only way is to do a major reform in the country.”

Here comes hyperinflation...

The price of children’s diapers has “gone completely insane” in Minsk, said Natalia, a 24-year-old mother also queuing outside the refrigerator store. “I used to buy a pack for 69,000 rubles, now they cost 140,000,” or almost half the 343,260-ruble monthly child benefit paid by the government, she said.

“We have become paupers,” said Tatiana, a 70-year-old woman in the line who also declined to give her last name. “We have been squeezed into a corner by this devaluation.”

Belarus’s dollar debt has been buoyed by news of the Russian loan, with the yield on the government’s debt due 2015 dropping four basis points to 9.881 percent by 6:35 p.m. in Minsk, the lowest since March 14. Dollar-denominated notes due 2018 yielded 10.38 percent, down six basis points.

The country has raised its refinancing rate twice since April 20 to 14 percent, the highest in Europe. The central bank also stopped selling foreign currency out of its reserves in March and will continue to stay out of currency markets, spokesman Anatoly Drozdov said by phone in Minsk yesterday.

...And following that, complete socio-economic collapse

Unless Belarus heeds Russia’s call for mass privatization of state assets, it is headed for “hyperinflation, massive un- and under-employment, and a shutdown of production,” VTB’s Moiseev said. The ruble will slide to 10,000 per dollar, he added.

Unemployment was 0.7 percent in December, according to government data. Inflation accelerated to 14 percent in March, the fastest since April 2009 and more than neighboring Russia’s 9.6 percent in April. Imports into Belarus exceeded exports by $7.3 billion at the end of 2009, according to the latest annual data available.

Russian media are creating a “flurry” of speculation about the nation’s asset sales so they can “make good at our expense,” Lukashenko said today in Astana, the capital of Kazakhstan, according to comments reported by state news agency Belta. “But we will not throw anything to anybody for nothing.”

Note the parallels to Greece, which would follow the same fate if it were to make the choice of returning to the drachma.

Alas, there is nothing left to add: this is the future, and it is coming to a developed country near you.

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Korrath's picture

Yes, and also incredible paranoid and most likely not sleeping through the night for the next 10 years.  

 

Mind you, I'd rather be the one with the gold, every time; just saying, you may wish to stock up on lead as well.

sullymandias's picture

So for every citizen that had 10 ounces of gold is suddenly Rich!!!

 

 

A Belarus citizen with 10 ounces of gold today, who can survive the next year or two without spending it, may well end up very rich. If they end up having to spend it, they will be survivors.

 

EscapeKey's picture

this is all our government’s fault,

Who voted said government in?

legal eagle's picture

Like there is ever any choice.  In this country we have door number one and door number two, and both are horrible deals.

Our democracy doesnt work because each party's position maximizes bell curves, and there is no real dissent, diversity, or other viewpoints.

The parlimentary system is better than the bicameral system, in my humble opinion.

legal eagle's picture

consent is only real if it is informed and indeed voluntary

choice is only real if you have viable alternatives

the facade of choice is almost as bad as the facade of consent.

sullymandias's picture


Who voted said government in?

The oligarchs.

dick cheneys ghost's picture

rochelle rochelle.............a young currency's journey from deflation to hyperinflation.............an instance classic...

UncleFurker's picture

 

Meh. I watched Checkmate instead.

Nice Minsk reference, though.

 

nope-1004's picture

I peed myself when I heard Hillary walking down the hall toward my office.

- Geithner

Ying-Yang's picture

Tyler???

Is the US headed to default by design so the Bankers can privatize our assets?

lizzy36's picture

Sure and then re-ipo them.

After all the fees and costs related to the AIG re-ipo paid by Treasury to the BANKS: $385m

buzzsaw99's picture

Imagine how bad it would be without help from the IMF. LMFAO!

DaBernank's picture

Man, why couldn't I have taken out my mortgage in BYR?

mynhair's picture

Isn't there a volcano with pics burping somewhere?  Maybe a few handfulls of tornados?

Oprah giving birth vid?

hack3434's picture

Mish and Denninger refuting the hyperinflesionistas in 3...2...1...

akak's picture

Why do the deflationary flat-earthers always throw out the strawman of hyperinflation as the ONLY possible alternative to their absurd deflationary thesis?  Whatever happened to the possibility, nay, likelihood, of regular, old-fashioned, high-but-not-hyper inflation?

frippy's picture

+1000000

Because they are jackasses.

Douche-inger takes the cake.

Dude has anal issues.

akak's picture

Just for that slur against Herr Oberstgruppenforumfuhrer Denninger, I BAN YOU!!

I wonder if Karl puts on big floppy shoes and a red ball on his nose before sitting down to write his daily "They must follow the law!" rants.  Hey Karl, stop wearing down your keyboards, and go shout at the pigeons in the park --- some of them might actually care.

Muir's picture

@akak

"Why do the deflationary flat-earthers always..."

My good Sir, I'll have you know that I believe in multi-dimensional Universes / Realities.

Furthermore, I accuse you Sir, yes you! of being a flat-earther.

There!

hack3434's picture

His rants are getting repetitive and senile imho. 

akak's picture

If Mish is going to continue hunting the unicorn of deflation, he should at least go out for once without his strawman partner of hyperinflation.

I am SO fucking sick of the hysterical and disingenuous bullshit constantly being peddled by these historically clueless and ignorant deflationist hacks!  NOTHING in monetary history supports their pie-in-the-sky arguments --- NOTHING!

Rynak's picture

Well, some things do, but they are all *cough* "transitionary", and they never prevent the ultimate destruction of the currency, only postpone it.

Muir's picture

@akak

" to continue hunting the unicorn of deflation..."

again with these spurious allegations of Unicorn hating.

again and for the record, I have never sought to harm a single Unicorn and will never do so.


ElvisDog's picture

Well, we will probably know sooner rather than later whether the deflationists, the hyper-inflationists, or the stagflationists are correct.

Rynak's picture

Well, recently once again, tyler has proposed a 4th option: A cycle of deflation followed by inflation.... with increasingly higher amplitudes.

HeliBen's picture

I emailed Mish a couple nights ago asking for that dam towel, haha!

And I never said we wouldn't have some deflation, I said inflation will win over deflation cause Benny got a printing press and he gonna use it.

I WANT MY TOWEL!

CPL's picture

People are always overly set in terms of binary choices.  I choose the third choice which hasn't been determined as of yet.  Both decisions, deflationary and hyperinflationary require infrastructure, constant steady stream of goods (oil, food, materials, clothes), skilled labour (are we seriously discussing a arts major being anything other than baby factory?).

 

All of the above requires commitment by the powers that be at this point in time.  So far we are watching the rich eat each other alive.  Then we are watching the suburban slobs get self absorbed that they aren't going to get their cookie at the end of a crappy career (why the fuck did they take liberal arts for a job they hate?).  Either way of examining it all arguments lead back to "me, me, me". 

 

While both sides are sawing back and forth on the lynch pin of their own capital, I expect what any SHITTY engineer understands is going to happen.  That pin is going to break, then the shit really hits the fan.

 

What isn't even imagined is every country in europe at war.  Not with each other, but with themselves.  Contagion is hardly the word for it at that point and the stupid thing is they are all going to do it for imaginary value on pieces of paper and 1's and 0's in a computer somewhere.

 

This shit is going to get very, very, very bizarre very soon.  It was hovering in the strange zone last year, after getting marketing material for the denver bunkers now available  for the low low price of 3.5 million to house and feed a family of six around november it got weird.  Now I suppose the next appropriate designation for the current situation is surreal.  What comes next?  My guess is Dada, blood filled landscapes, bits of people hanging from trees...fucked up 28 days later crap.

Rynak's picture

Note sure if i agree with everything you wrote (though, i welcome your autonomous thoughtstyle).... however, the IMO most universal thing to take away from your post, is the acceptance of uncertainity and volatility. In other words, it in the long run may make sense, to not so much focus exclusively on inflation, but instead on instability.... and thus, generally planning on ensuring one's own stability. While such a strategy wouldn't be as efficient as one handtailored to a specific scenario, it would naturally be the best "catch-it-all" strategy.

Coincidentally, commodities relevant to one's own survival (food, shelter, defense, connections) once again would be king. What would however  involve changes, is methods of "wealth conservation". Personally, i would for such a case probably look for fiat currencies that are somewhat stable, yet as "independent" as possible from the countries that are in the line of fire right now.... and then mix this with a basket of metals.

CPL's picture

To be blunt, I live in what is known as the "sticks". Could not give a damn about collecting paper.  You are talking to one of those assholes that trade...for a living...x3 ETF's.  I see the odd post on some junior playing with x1 or x2 because they have 50 grand to fuck with, I gladdly take it from them in around ten minutes of trading.

 

My whole work week after selling a 20 year old business involves around 45 minutes of time in my week.

 

Yes I own Silver, Gold and Land.  Plenty of all three.  All mean of these things mean SWEET FUCK ALL.  I couldn't state it to you simpler.  If you don't have a community to back you up, not just your family.  It's meaningless.  Completely useless without people to work WITH you not for you towards a common goal.  The FIAT, gold, silver and paper is just to trade stuff for, but given an opportunity a starving man would trade his own mother for a slice of bread.  When working a community, mine becomes 'ours' in a community sense.  I would explain the details but I'll leave that up to yourself to figure out.

 

Ever see the Twilight Zone with the guy that hates people, sleeps in the bank vault, wakes up, world is rumble and he figures he can sink his ass in a chair and read forever.  then breaks his glasses (badumdum! rimshot!).  Nobody there to back him up.

 

When describing one's "own" survival, I'm not sure what universe you live in.  I live in the universe where I'm a shitty plumber and I call someone I know then make an exchange of goods.  When I need a tooth worked on, I can someone I know called a dentist.

 

I know in most cases that 99% of the people that live in the city couldn't give me their plumber or dentist's first name nor even hang with them for a coffee, pint or a deep ass laugh at a BBQ.  Maybe that's the first problem right there.

 

When using the word OWN, nobody really owns anything, we're either renting it or sharing until we drop dead.  Even if you bought it, everything you see is leased as long as you live.  It's up to you to figure out how you are using your stuff until then.  Keep it locked away, or pool it.  Survival has more to do with options available and not maintaining a dogmatic facade of the last man on the planet able to measure beans from a tin cup.

 

Anyone watch "The Road", I swear that's the whole fucking movie.  idiots that know the metric system YET can't put a seed in the ground.  Mindblowing.

Rynak's picture

Did you notice where among the "king" things i mentioned "connections"? That is your "community" aspect and knowing people whom you trust and who trust you. Not sure about this, but i suspect that you invested a lot of effort in a reply, that was caused by me just mentioning an aspect once, intstead of multiple times (though, i appreciate you describing it in more detail).

As for "owning" something.... property is just a fancy word for "control" justified by law. People can control things (though, to a higher or lesser degree, and of course it can via environmental as well as human means by force be taken away from oneself). Even if you like to denounce ownership, the ability to control even is important to you, because if you (as well as your friends) had no degree of control over anything, you'd be fucked.

CPL's picture

Again with absolutes?

Regardless of the position held.  We're fucked.  Last I looked they don't bury people with their silverware and TV's.  Doesn't buy passage, doesn't cover the ferryman.  Best anyone can do in a crappy situation is go talk to the neighbour, dogcatcher.

 

As far as ownership.  Meh, it's an issue of who holds the lease of the "stuff" in the mean while.  I played the game, I lost money, yet by some luck of the Irish I came out ahead.  By ahead, I'm not meaning the crap I've collected.  I'm just slightly wealthier in comparison when I was 17 and out the door without a nickle in my pocket and joining the Canadian Forces to sit in a shit hole swamp called Bosnia to dance for my dinner.  It worked out.  I didn't starve, made it through engineering with savings on the contract and made friends and contacts along the way.

Control is such a worthless concept.  There are no controls, the mechanisms any engineer puts in place is at BEST a guessimate with math behind it to justify the position of the engineer to maintain their position.  Professionally run into it far too often in my career, in current terms I believe it's called Silo building/Empire Building.  In all cases I've observed all these castles are build on sand with quicksand right underneath.  Once quicksand hits, the options vanish without help.  Careerwise the best thing any young professional can do is fuck up baddly to learn what a horsewhipping feels like and how much "control" is really offered in a situation.

Think about a dentist, all it takes is one bad root canal procedure and that dentist will never heard the end of it.  (no I'm not mentioning my Catayst to understanding failure).   Connections can be community, but it's the ancient adage of a friend will help you kill a man, a best friend will help you bury the body as well.  Just make sure you aren't in the "getting killed" category.  Hubris doesn't serve anyone well if looking for the escape route only to find a locked door.

Rynak's picture

Again with absolutes?

Hasn't it become probable by now, that i do not think in absolutes, unless something involes a generic logical impossibility?

Control is such a worthless concept.  There are no controls, the mechanisms any engineer puts in place is at BEST a guessimate with math behind it to justify the position of the engineer to maintain their position.

When i say control, i don't mean any invented human concepts. I just mean raw force. as well as raw non-interfererence - I doubt you argue with the existance of this? I'm not talking about some stupid human concepts. I'm talking about plain old material physics: You can do something, or you cannot do something. Disclaimer: I do NOT encourage relying primarily on material  power - i just do not reject its existence and thus relevance.

I intentionally do not reply to your third paragraph, because i prefer to leave it to individual "morality" (Though, personally regarding me specifically, i reject generic absolutes in this case totally. All that matters is if to me, as well as my "helper", is if it was considered "reasonable" and "fair".)

CPL's picture

I'll restate a previous passing thought in another thread.

Trust and mistrust are things earned over time with friends.

As far as raw power, it's a thing humans have never been able hold on longer than an eyelash's blink.  The wind is raw infinite power that is a constant, yet our best science hasn't been able to develop anything beyond a modification of a 6 thousand year old sail mechanism to push a blade or a tarp.  Even then, there are lots of stories of sailors lost at sea for misreading what the wind is doing.

 

Water, the sheer mass of it covers 70% of the planet, best thing we know to do with it is to shit in it, then act surprised at e-coli outbreaks and killing a couple of hundred of people per week around the world.

 

Then there is the planet itself which generates 60 watts of electricity on every point of the planet constantly.  We live on a giant magnet (ever wonder why electricity scales by 60 minus the ground? 120 in NA, 240 in EU...), yet the best thing we've found to do with it is cram humans into every square inch of it.

 

Humans however are, again, worthless and completely sunstruck with the minor accomplishments done so far that it is assumed control is granted instead of warranted.  Raw power, even in terms of physical force of wiping people out, who cares.  So far that hasn't stopped the human race, like cockroaches, step on most of them, more come back in a couple of years.  Mainly because as a spieces we're dumb as pikes and we like to fuck.  Proof in that is everyman at one point in time has thrown his cock into something that he would make the clear headed choice of fucking livestock before he stuck his dick in "that" again.

 

There are no promises or written objectives to life.  Just that you make it long enough to fuck someone and procreate.  What happens between then and now...it's a choice.  Some choices have a bad outcome, others have a longer option chain that is more fun, but the outcome is the same.  Bullet, starvation, time, whatever...these are options to an eventual unavoidable outcome based on timing.  That would be dropping stone cold dead.  When it comes, regardless of raw force, controlled circumstances or peaceful sleep.  Dead is dead. 

I don't think too hard about what type of life my chicken had before I snap it's neck, cut it off, pluck it to skin, lop the leg at the kneecaps then throw it in the oven at 375 with a greek lemon seasoning.

I do know that when that chicken is served with friends that play-mock me for owning chickens and I'm complimented on the meal that I'm in a better place than most of the planet.  And during that whole transaction the only thing traded is bad jokes and booze.

 

Rynak's picture

I need to get some sleep now, but will replace this post with a reply later. I'd like to thank you for for the interesting discussion.

CPL's picture

No worries, catch the chat tommorrow as well.  Just looked at the clock...sigh...

Rynak's picture

Okay, the "topic" of our little subthread is getting rather wide... that would work fine for a chat, but on a medium like this, it's rather hard to manage. So, i'll try to get back to the original arguments.

You argued that control doesn't matter, because it is so temporary and uncertain. Then you argued that relying on friends and so on is the way to go. I think this is a rather biased way to argue.

Friends and trust isn't much less "temporary" and "uncertain" than power. With this i do not mean to say that power is more important than friends - rather, i'm argueing that both matters. If for example one has some reserve food (control), then this increases chances that when food is hard to get by, one will have a buffer. And if you have friends, who also have reserves or a way to produce/collect food, then chances become even better.

So, i don't buy into this "the one method  to rule them all"... to me, it more seems to be a matter of how one combines available methods.

Fiat2Zero's picture

You had me at "greek lemon seasoning."

Seriously, when's dinner? I promise I'll be a better listener than your friends are for your doom and gloom.

I agree with all that you said about your community. Man is a social animal. Everything we have is from an invisible society that magically creates finished goods whose origins or fabrication techniques are completely unknown to us (well maybe origins - China - it's on the label, but you get my drift).

My challenge is that everyone has their head in the sand, and any of these topics are "so terribly, terribly boring and depressing." I can't blame people. I sometimes wish I could be reinserted into the Matrix, but I was rejected. The graft didn't take. So back in (my) "reality," where I'm simultaneously preparing for any number of emergency SHTF scenarios. Oh, you say there's a new one? A wandering brown dwarf star will come within 0.5 AUs of earth in September? No problem, let me just throw that on the stack of shit I'm dealing with. Maybe I can use my gold to fabricate a shield to protect me from the cosmic ray bombardment (great, see once you can deal with _one_ catastrophe, the next one isn't so bad).

The only other person that takes me seriously is a friend who is a hedge fund manager, who is even more prepared than I am (not quite to the farm buying stage, or flight below the equator, but getting there). And even he and I can only briefly talk about things before we have to go back, to our community, that accepts us but is willfully not considering these depressing subjects. Even the hedgie said, "Hey, I stopped reading ZH for awhile, I had to unplug." So I guess the Matrix may take him back after all (but where does that leave me)?

My hope is that there is some time for people to adjust and at least see the reason for my preparations. At that point they'll be motivated. Hopefully there will be enough time.

In point of fact, you're right about the inflation/deflation chocolate/peanut butter arguments. They are false. We've got a very dynamic, fragile, imploding set of systems that no one understands fully. We'll just have to try to adapt.

BTW, maybe I can get that recipe for the chicken...let's see, snap neck...

Green Leader's picture

My plantain & banana plants are making a comeback. I have been setting up a little taro nursery (12 varieties), also have 4 sweet potato varieties including the bad-ass PR 04-06. On cassavas, I've got Amerindian bread cassava & Colombian CM-3311. I have 25 Dark Cornish baby chicks scheduled for delivery. The people I partner with are getting their seedbeds ready.

We're on track.

Bring the currency collapse mo-fo's.

 

akak's picture

Have you tried growing breadfruit as well?

Granted, it's going to take a few years to grow a tree large enough to be productive, but it is a very underrated food --- if you have the climate for it, and it sounds like you might.

Green Leader's picture

I have never grown breadfruit. There are two kinds, at least. One is full of bean like seed pods.

I do like it, however trees grow very high, like lots of water and produce all their fruits within a few short weeks.

akak's picture

I do like it, however trees grow very high, like lots of water and produce all their fruits within a few short weeks.

I did not realize that --- I was under the impression that the fruiting season lasted for several months.

I was in Hawaii a few months ago (Big Island) visiting friends, and bought breadfruit at the farmer's markets every chance I got!  There's something about it that I find very appealing, MUCH more interesting than say potatoes.

Husk-Erzulie's picture

I really appreciate your posts man.

DK Delta's picture

I think the reason that the debate has become so stark is because of the size of the debt. The fear is that any significant amount of inflation would lead to either a) suffocating interest rates or b) complete loss of faith in currency