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Is The US Making The Same Mistakes As Zimbabwe?
Submitted by Patrick Barron via Mises Canada,
I have started reading a new book about the collapse of the Zimbabwean dollar–When Money Destroys Nations, by Philip Haslam and Russell Lamberti.
One of the main causes of the hyperinflation was the decision of the Zimbabwean government to give army veterans of its recent wars a big bonus. The promise was too much for the Zimbabwean economy to manage, so the government printed money... and lots of it.
Why is this relevant? Well, look at America.
We have been fighting wars around the world for twenty-five years and recently promised universal healthcare to all citizens. The baby boom generation is retiring and will draw unfunded Social Security and Medicare benefits in ever larger amounts.
There is no way that these promises can be funded by the American economy. We will print money, too, just like the Zimbabweans.
The Zimbabwean economy went into hyperinflation, because the Zim dollar was not held as a reserve anywhere in the world.
The US hyperinflation may be delayed, because our money printing is being sopped up by foolish central banks worldwide in order to reward their export industries.
In a non-manipulated currency market, the US would have to fund its budget with honest debt and repay it with honest money.
But the chickens eventually will come home to roost for the US, just as they did for the poor Zimbabweans. The political pressure to print money is the same everywhere as are the laws of economic science.
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The U.S. dollar is the world's reserve currency. Zimbabwe is a small African country that is not even as insignifcant to world events as Canada. Thanks for your (additional) great wisdom, Mises of Canada.
The 85 IQ and 138 IQ crowd has so much in common.
As a member of the 85 IQ crowd, I am happy for any promotion I am given.
Sociopaths and their cocaine.
"Is the US making the same mistake as Zimbabwe"
You got to be kidding ...
ZImbabwe was the trial case ... not that was not done before, but under the new circumstances so to speak
Ben Bernanke goosed the Epson printer toner, and we're still under $90 on oil!
Going to pass the wrecks of a lot of other nations like Japan the PIIGS, France, England etc. etc. burnt and rolled over in the ditch first before the US shitmobile takes that final glorious leap skyward off the edge of the cliff.
Best horse in the glue factory by far... USA ! USA ! USA ! ...
That would be my best guess as well. Perhaps deflation first, then a bad hyperinflation. The ol' "one-two"...
Short and sharp global deflationary depression followed by frantic and frenzied printing to keep the banks alive and transfer the now cheaper assets to the financial elite with access to Fed credit. Followed of course by insane amounts of spending on new programs to keep the people from rioting in the streets. The new spending and resulting loss of confidence in the currency will then create a massive wave of inflation as the dollar jig is up. Plus a couple of wars to get some money and inflation into the real economy on the side.
Works every time...
Same shit, different year.
Yes and yes to both of you.
Foolish mortals! Why do you keep predicting hyper-inflation? Most indicators are pointing to crippling deflation. I'm predicting $200 gold. But what do I know?
Hyperinflation is possible. It's just the point at which utter confidence in the currency is lost. Most likely deflation driven by an unraveling of debt markets and economic recession will proceed it, the velocity of money will slow.
Contagion from Japan and Europe may well be tipping point for the whole slow motion trainwreck. They will push up interest rates via risk premiums. It really all hinges on confidence though.
Rhodes / Rhodesia is likely one of the two most dangerous sources of our problems.
Look to the City of London Corporation for the other.
Deflationary indicators:
1. Velocity? What velocity?
2. Peak Cheap oil...oil under 90/bbl for very long means tight play bubble will burst. Ouch.
3. Debt saturation. Who wants a new credit card! Anyone! Anyone...?
4. PM's get continually hammered. C'mon PM freaks! Either PM prices are an accurate measure of inflation, or the evil reptilians are manipulating the PM price... but you can't have it both ways.
5. Population growth has either slowed or stopped IN EVERY NATION ON EARTH. Bunga bunga! ...?
6. Environmental resiliency has reached capacity. The environment is about as resilient as a piece of last year's toast fished out from under the refrigerator.
The new economy is when the nominal price of gold has fallen to 30/oz, but a loaf of bread costs five krugerrands, and if you have gold or bullets, people want your bullets first.
Why do you keep predicting hyper-inflation? Most indicators are pointing to crippling deflation.
The FED is the omnipotent in the US. Everyone is looking to the FED as the answer. With interest rates already at the bottom what is the FED's only other weapon to fight "crippling deflation" and save political ass?
Do you really think the FED is going to stand by idly watching government revenues decline, corporations suffers and markets collapse?
The Doofus - $200 was the 1990's floor price. I say $750 as the new floor. It has and will go lower but potential large regional conflict may change that prediction.
Mises was funded by the Rockefeller Foundation for a reason.
At least part of that reason is that Mises doesn't comprehend a key theme - Weimar and Argentina were both deflations from the perspective of the Debt Money Monopoly that was invested in currencies outside the internal hyperinflated currencies.
The Debt Money Monopoly currenlty runs American monetary policy, a fact that the folks over at Mises seem to not comprehend. "The US" doesn't control the money supply or monetary policy The private Debt Money Monopoly cartel does.
Yes, they have 100% control over it because the govenrment allows it, but THINK THIS THROUGH... THERE IS A REASON THE GOVENRMENT ALLOWS IT AND THAT'S BECUASE THE POLITICIANS ARE FINANCED INTO OFFICE BY THE DEBT MONEY MONOPOLY AND THEY ONLY FINANCE PEOPLE WHO WILL DO THEIR BIDDING. As such, the Debt Money Monopoly is supreme over the government that depends on the Debt Money Monopoly for money.
Now that this very important aspect has been cleared up for the Mises types, your job is to find a single time where the Debt Money Monopoly has hyperinflated their own wealth away.
Oh, that's right, THEY NEVER HAVE DONE THAT.
And they won't now. THINK!
They will offload their trillions in cash and debt paper for YOUR REAL CHIT AND THEN THEY WILL HYPERINFLATE TO BALANCE THEIR BOOKS.
This is elementary stuff...
Stop repeating what others repeat and stop to THINK IT THROUGH.
We know this shit. Why do you think we haved rope and trees ready?
Hyperinflation does not need a printing press. It just needs an absolute collapse in confidence though a lack of govt. creditors.
Right now the US is enjoying foreign citizens having a higher demand for their currency. That will mask any systematic weakness on a national level for a while.
Think!
Don't repeat.
Losing confidence in debt based money is akin to losing confidence in the greater debt that is owed on that money.
Go ahead, lose confidence in your mortgage and see what happens - your house will be taken.
Your car loan? Your car will be taken.
People simply can't fathom the implications of a debt based monetary system - because Mises doesn't talk about it.
If he did, then at least people would repeat it.
The banks are already dead, but they've been betsowed with TBTF&Jail Zombie status.
Now it doesn't matter if the eceonomy craters, the TBTGF&Jail corporations are even bigger to fail now.
Remember the "fat finger" false narrative? That occured at exactly the hour Congress was voting on whether to limit the size of the mega-banks.
Some minutes later, Congress voted to allow the TBTF&Jail banks to become bigger.
The Money Masters' shot off the bow made the correct impression on their operatives in CONgress.
All that is left to do is wipe out all their competition so they can be bought up by the TBTF&Jail cartel... eventually they run pretty much everything even more than they do right now.
It is Stealth Monopoly 101.
Down from 14,400 in 1984....Commercial Banks in the U.S.
2014:Q2: 5,693 Number
http://research.stlouisfed.org/fred2/series/USNUM
That would be Martin Armstrong's assertion as well.
2015.75 bitchez
When Obama was "elected" - l knew the USA was going to be Zimbabwe 2.
Its called demand destruction
Summer71 - It's the boom/bust cycle. That CB printing meant handing investment banks money by having them line up at the discount window and dumping them into commodities. It was $20 oil at the turn of the century not more than 15 years ago.
The US wont hyperinflate. However, a portion of the debt was inflated away and cuts have been occurring in spending and will slowly continue. The services covered under medicare and medicaid are less than several years ago and will be less further for the next several. Foodstamps are an example and if your part-time worker you no longer qualify for programs now available then. Legacy retired government workers still have it good but I believe we'll see cuts there.
The US is no longer the reserve currency according to the IMF, it cannot print in perpituity, what has been done already has damaged long-term growth prospects for the majority and continuing would threaten the central banks franchise (The Federal Reserve). My speculation here QE would end
is proving correct and for the reason I just stated.
I see the biggest problem in the US with the police state. Confidence gained by backstopping the financial system was and is being destroyed because of it and it itself was juiced by printing for a few more years. To grow again the law must apply to all not just the little guy.
Arius, not sure what you are saying here, but here's what I think.
Money around the globe rushes into the USD <hey, it is the reserve currency afterall>
USD goes hyperbolic! Gold-Silver shit the bed!
USD loses reserve currency status ... Uh OH!!
Y'all fill in the rest *-*
read the above 2 posts of All Risk No Reward ... i think he got it all covered the roadmap for the future
Thank you for that and agreed, Arius!
Same mentality.
.
"The 85 IQ and 138 IQ crowd has so much in common."
True. One boxes, and the other bets on boxing.
Both use to box in the 1930’s. Then one got lazy stealing other people’s money through inflation. The other one never caught on to the game.
Funny, not a single down vote. Maybe, they're not as smart as they led everyone to believe. Kinda like the Wizard of Oz.
The U.S. is Zimbabwe on steroids. When Zimbabwe's money became worthless, eventually they
used U.S. currency for trade. What will the U.S. use when their money goes to zero, pesos?
Gold.
You gotta have it if you want to trade it. Too bad the US Gov listened to their Jewish banking overlords and let the banks have their way with it. The gold sailed to the far east in exchange for some paper iou's.
Physical gold is still on sale. At prices lower than when I bought much of mine.
Very nice to see an honest report!
I (We) are also feeling the pain of having bought some of ours higher, but still happy to have the physical :)
I know, it IS a difficult concept to grasp ;)
Take good care DoChen!
Great news, my local fiat dropped more than the gold!
I made profitz. Whatever that might matter, considering my reason to buy it wasnt getting rich.
Gold.
Gold.
"Land." No land redistribution in USA
"What will the U.S. use when their money goes to zero, pesos?"
The U.S. will get a bailout from the IMF. And a New World Monetary Order will be established.
They are now using Renminbi.
LetThemEatRand said: The U.S. dollar is the world's reserve currency.
EXACTLY CORRECT. As long as that remains true, nothing changes. US will run deficits to the moon and back to keep the status-quo intact.
Where'd the Tylers get this TOOL?
When you print trillions a year your days of being relevant are numbered. Kind of like that whore in high school, it was fun but all the guys moved on.
I absolutely agree our days are numbered re being relevant.
The big question is who is going to call?
EDIT: Sometimes I take loose reference assuming everyone on the thread is in the US. In poker, you place your bets and you wait on the CALL.
Saddam, Moamar, and now, Putin.
Hmm, Saddam or Moamar ... not so much!
But Putin ... now you're thinkin:)
Gold star for you Sir!
Putin and Xi
The belief in one’s own exceptionalism is the first sign of hubris. I am sure that Weimar had the same conviction. In 2007 Zimbabwe was printing one dollar bills. In 2008 they were printing fifty trillion dollar bills. The money is produced by the United States mint. The paper is the product of a private bank. Hedge accordingly.
US seems to be bent on becoming just like Zimbabwe...only more significant.
http://billmoyers.com/episode/full-show-big-jail
Attorney General Eric Holder’s resignation last week reminds us of an infuriating fact: No banking executives have been criminally prosecuted for their role in causing the biggest financial disaster since the Great Depression.
“I blame Holder. I blame Timothy Geithner,” veteran bank regulator William K. Black tells Bill this week. “But they are fulfilling administration policies. The problem definitely comes from the top. And remember, Obama wouldn’t have been president but for the financial contribution of bankers.”
And the rub? While large banks have been penalized for their role in the housing meltdown, the costs of those fines will be largely borne by shareholders and taxpayers as the banks write off the fines as the cost of doing business. And by and large these top executives got to keep their massive bonuses and compensation, despite the fallout.
But the story gets even more infuriating, the more Black lays bare the culture of corruption that led to the meltdown.
“The Clinton, Bush and Obama administrations all could have prevented [the financial meltdown],” Black tells Moyers. And what’s worse, Black — who exposed the so-called Keating Five — believes the next crisis is coming: “We have created the incentive structures that [are] going to produce a much larger disaster.”
Panderers to power.
Bill Black said the next crisis wil be larger. Obama was elected by the banksters.
Speaking of Obama... Report today:
http://www.latimes.com/nation/immigration/la-na-ff-immigration-holds-201...
More Jails are releasing Illegal Immigrants is the Headline.
- Maybe this is to have more of them shot by police forces and to use DHS & FEMA resources, Test USDA marksmanship
- Maybe Deaths by DHS will help Justify the Federal DHS Budget
- Maybe GAO or CBO or IG Offices are looking at Cost Benefit for Militarizing our Police and Installing the most Expensive Spy Network in world History
- Open Borders helps justify DHS Budget
- Disease Pandemics Justify FEMA & HHS & CDC
- Corporations & the Stock Market benefit from Federal Spending Programs & Crisis on top of Crisis
Obama is really getting it about Corporatocracy
Yep. Moyers and Black... a couple of my favorites out there.
This 1.5 hr vid about the Savings and Loan crisis is very good... the similarities to the 2008 event are uncanny except 2008 being roughly 100,000 times more damaging
http://www.youtube.com/watch?v=UwFXvc1rJDw
re: the Savings and Loan crisis.....the similarities to the 2008 event are uncanny......
except they sent people to jail for the S&L mess......
The bankers and financial types learned you can bribe the regulators and prosecutors - and cheaply at that.....
Bill Moyers? He was a lap dog for the second biggest POS to Obama in LBJ.
It is idiotic to suggest that because people made mistakes earlier in their lives, the value of their subsequent actions and/or views should necessarily be discounted. It is also ironic, given that their perspectives are often much broader than those who launch reflexive criticisms.
Moyers has arguably done a better job than anyone working within the confines of the MSM in recent years, and has provided opportunities for many thoughtful people to express views to which the masses might not have otherwise been exposed.
Your article is a reminder that currencies are merely IOUs, glorified and pretty pieces of paper printed and handed out by governments. Whether because of modern printing options or in an effort to thwart counterfeiters most of us will admit countries have raised the bar concerning the appearance of their currency.
It has almost become a full blown beauty contest waged to take our minds off what is really behind these pretty little tokens. A piece of paper with great power, based only on faith, they are mere promises of stored value and wealth, and the value of these promises can change in an instant. With this in mind currencies may not be the best place to store your wealth. The article below delves deeper into currencies as a great "Trojan horse" for governments to fleece the average citizen of their wealth.
http://brucewilds.blogspot.com/2014/10/currencies-are-ious.html
So, you're saying I should buy stawks then.
It's ironic that Tyler posted this article... I woke up in a cold sweat last night, from one of my "Hugo Chavez" nightmares.
Fortunately, I had my lucky roll of toilet-paper on the night-stand to cuddle.
I LOL'd.
Federal Reserve notes are too thin for me. I prefer 3 ply to wipe my ass. I guess I could use 3 FRNs then to do the dirty.
Fold them.
Stock up on Toilet Paper - will be worth far more than FRN's in the long run.....
Alcohol, tobacco and garbage bags should be valuable investments as well (going by advice from people that have lived through meltdowns - think Yugoslavia)
We are EXACTLY like Zimbabwe
Hyperinflation Nation Part 1/3 https://www.youtube.com/watch?v=SzmYI_4XCbMThe U.S. DIGITAL Dollars are totally dependant upon bank solvency for their Continued Existence, failing that, they POOF! out of existence leaving nothing behind but the debt with no means to pay it.... There will be no U.S. Hyperinflation.
Universal healthcare is free? Lol
Only when free healthcare becomes universal
beauty is in the eye
oh yeah except for the exorbitant charges from a pillaging and plundering healthcare industry to the US government for the 'free' healthcare.
For. the FSA
Have you not heard, the gov is going to raise rates begin the deflation cycle, they can weather the storm plus it hurts Vlad.. Don't you worry, they can resist the siren song of the presses, ole Janet has no affinity for scylla or charybdis
Another deflate cycle means more bad loans. The T.B.T.Fail banks haven't fared too well in past stress tests. This means more counterfeiting. At some point, the dollar cart gets tipped over and foreigners bail out. Putin is, smartly, preparing for that. If only, we had an intelligent white man running things here.
Yeah, but Zimbabwe had a black ruler and we have....oh shit, nevermind.
I should issue my own currency based uopn lead or copper.
I'll call it The Pound.
I'm calling mine BitOHoney
Socialists always make promises they can't possibly keep. Printing money out of thin air keeps the banker/poly Ponzi symbiotes in charge.
When it all finally collapses the guns come out and the usual suspects in the streets are rounded up for having the temerity of violating the peace by complaining.
Keep printing and buying US treasury notes until a currency crisis occurs. Seems like a solid Federal Reserve plan.
The difference is that Mugabe dresses like a boss
http://blackbluedog.com/wp-content/uploads/2013/08/mugabe-wins.jpg
I always did like the different outfits of Saddam Hussein actually.
He had "Muhammad Day" and "General Day" and "Gangster Day."
Truly a man for all seasons.
The New Rhodesia
Welcome to the Bush War. (It's all his fault).
"we'll just kill the dollar"
How do they kill the dollar? Print it to oblivion, just like Zimbabwe did, just like Weimar Germany did, and others.
Why do they kill the dollar? Make $17 trillion debt meaningless because the currency is meaningless.
What happens when they kill the dollar? Everything bad for America you can think of.
What will replace USD as reserve currency? New gold-backed China currency. By then China will have biggest economy and more gold than anyone else. Almost there now.
Timing? Hard to say. Seems China wants to build gold reserves higher and firm up developing Asian Economic Block. Development of Russia/China military power is a big factor too since USD is supported by American military power. Bottom line China/Russia alliance must be able to defend themselves and alliance nations from American military, and they may choose to bypass conventional military, going straight to thermonuclear threat where America appears uncommitted. That would be my bet. China/Russia's resolve to push the buttons exceeds America's resolve to push the buttons in my opinion. They might even have to turn some American outpost to glass and ash to prove their point. Maybe a couple. I would fully expect that, and it would be the signal global powershift has happened.
Just two points ...
The Zimbabwe dollar was not the reserve currency
The Duetche Mark was not the reserve currency
Who is to say what will replace the USD as the world reserve currency??
Here's what I think <and no ... I didn't stay in that hotel overnight>
WHOEVER WINS THE NEXT WORLD WAR WILL HOLD THE NEXT WORLD RESERVE CURRENCY!
Now, give me my prize :p
I think you missed "we'll just kill the dollar". That's the plan.
And you better hope WW3 doesn't happen because the winner will be roaches. And they don't need currency.
You want to kill the dollar, you have you kill the banks. You kill the banks and all the Credited Dollars POOF! out of existence, that's 100% od All Deposited Accounts, gone. Wall Street runs on 100% Credited Dollars, POOF!. All that will be left when the Dollar is Dead is Debt and the assumption of value in things that will be taken, with the aid of government, to cover that debt. The banksters have fucked us real good.
Gold, Silver, Paper, Credit
Gold, Paper, Credit
Paper, Credit
Credit....
Nothing for something and the fools think they're rich because their credited bank accounts say so...
My mom makes 32 trillion Zimbabwe dollars per hour working from home. Go to tube8.com for more information!
When your salary is $10,000 and your debt is $100,000 and the cost service is now more than $10,000, what do you do.
Do you keep working to earn the $10,000 and spend all of it on servicing an ever increasing debt, that ultimately must get defaulted on and wiped out, earning real dollars now to have them debased by inflation down the line in a spurious attempt to settle the impossible debt.
Or do you stop paying all the debt and save whatever you can from your $10,000 income and use it to strengthen yourself both financially and health-wise.
I t4hink that is the most sensible thing to do.
This debt is going to collapse at some point, , I suspect strongly that it ill come first of all by deflation, which is now setting in and is endemic in the West, and especially Japan and Europe is catching up at a rate 4 times faster than Japan went down the toilet.
The only logical next step is for inflationary pressures to build but at that point there is no backstop.
There are no “real assets” to back any currency and the only option will be print.
With every dollar printed feeding the pent up pressure cooker of suppressed inflation and the vast unmitigated rise in bubbles, the biggest of which, unseen, is the actual US$ itself.
Thats when the debt gets wiped out, inflation will take care of it as it did in Zimbabwe, and its doing in Argentina and Venezuela now.
For that reason I pay no taxes, it is pointless, it is a waste of my time efforts and labor now that will be reduced to zilch, nada, nothing when the reset comes.
I am not going to do that, I will not labor now and dissipate my efforts on a failed and pointless exercise to
feather the nests of the corrupt clowns.
Everyone else can pay their taxes if they wish, but I politely decline. It is not going to happen. I would rather stop working and earning anything at all or only the limit to the tax free threshold, but I will pay no taxes again.
History shows what happens when currencies collapse, and its not pretty and its dangerous.
I have no intention of being led to slaughter and therefore if necessary will look at my future survival over any laws regarding taxes.
Everything of value is off shore, and out of my name now, albeit under my control.
I suggest all those interested in self preservation take similar steps
I do not disagree with any points you made, however the great unknown is the timing. The USA has been running deficits for how many decades? As long as I can remember, spending more than they bring in.
Who knows how many more decades they can keep this up. Does anyone have a clue how many digital and phyical fiat there is in the world today, I am speaking of genuine, not counterfeit?
I do not think any one knows, including .gov or the FED.
No use worrying about it.
Gone galt here. Why sell 40 or more hours of your time a week just to give it to the parasites? I don't miss what I wasn't allowed to keep.
As the worlds reserve currency the US dollar gets absorbed by the rest of the planet needing dollars....Zim bucks don't.
Big difference.
Currency is a matter of confidence.... once it is doubted it becomes all downhill from there.
Reckon the US was a bit concerned and tanked up the fear quotient and USD gaming.....to try and keep the confidence in the currency.
Problem is however...once people think you trying to protect confidence..it is lost
Deflation will lead to bank fear...and quickly hyperinflation
The US can't pay it's debts unless it prints new money from thin air
As the CDC director recently pointed out, "we're not Africa, it won't happen here."
/s
We may not be Africa, but we sure have imported Africans. We even have a half African as boss. Just like the TV shows showed us for a decade.
From the propagandists at Wiki
Visit the supermarket, the auto dealer, tell me there is "deflation". The only "deflation" I'm seeing is in Chinese plastic crap and USB sticks, which they can't seem to give away now. So, things that are real and we need to survive [food, shelter] are skyrocketing in price but things that we would like to have but are not required to live are slowly deflating. Oil is going down in price for two reasons - decreased demand and increased production. Gold and to a lesser extent silver track oil prices. Gas is $3.19 at the corner by my house. A silver quarter is worth $3.09 at current melt. In 1964 when silver was money gas was about 30 cents a gallon. Seems to me that silver is actually tracking correctly, as is gold.
We already HAVE inflation due solely to financialization - houses/college etc.
The fed gov could give every single ex military person who is not working 3K a month for life and it would not cause one bit of inflation. The number of people in the workforce is at 36 year low and this would only make up for that.
"laws of economic science"
Pure horseshit.
Still haven't had any inflation after all this printing. Why is it now going to show up? Before you answer, let me finish my $11 meal from Carl's Jr.
Still haven't had any inflation after all this printing. Why is it now going to show up?
Here's how it works... When the FED bought the TBTF banks' MBS' for about $2 TN, they didn't pay for them with cash... or any other fungible/tangible for of money. They gave the banks a "Credit" in their "Fed accounts" which was not cash, but a cash equivalent and thus allowed the amounts "paid" for the MBS' to magically appear on the banks' balance sheets - which allowed the banks to pass their "stress tests" and stay in business as if they actually had money in the vaults.
So the FED "created" $2 TN in "new money" - but kept it from circulating - so the little people didn't see an increase in the amount of cash in the system. There was no "wealth effect" that trickled down to the workers from this huge infusion of new money. There was no flood of cash flowing like water from a large dam's spillways.
And since hyperinflation is an effect of perception, since there was no flow, there could be no perception of inflationary forces at work. ("Nothing to see here folks... move along...") The FED could just "trickle" the money out and pretend that it wasn't. (No apparent/visable on-going/current effect on the amount of money on the system.) So the FED could meter the "new" money out slowly - thus no hyper-inflation - just HIGH inflation, and that kinda hidden by the low quantities of release.
During the periods that the FED was saying 1 and 2% inflation, I was tracking food inflation in several fairly largish grocery stores in my area. It was running between 20 and 30%. And I have to admit, if I weren't an accountant, I wouldn't have been able to tell how the food companies were hiding the price increases.
So the FED has figured out how to ghost hyperinflate - do it invisibly. But re food, (there's a reason that the FED doesn't count the cost of food in inflation calculations), has the cost of your food been going down?
Too many comments hee about deflation/inflation that pretend China and Russia don't exist. They will have a say in this as well, and I bet what they say will start the hyperinflation in $$$....gold backed Yuan. Ruble pegged to yuan.
The baby boom generation is retiring and will draw unfunded Social Security and Medicare benefits in ever larger amounts.
NOT! SS was fully funded... until the govt looked at it as if it were a broken piggy bank and started scooping the money into its pocketses to spend on "Social Programs." ie to buy votes. (If you're old enough, you'll no doubt remember LBJs "War On Poverty" - paid for with SS money that had been redirected from a "trust fund" into the govt's "general fund," both frauds.
If the the creators of the SS program were sincere in wanting to create the system as a going concern, they screwed up big time when they didn't direct the SS "contributions" be used to pay down the govt debt. That would be the ONLY way a govt could "save" money. Printing a new kind of bond and selling it to a govt. self-directed "fund" is another way of saying "steal".