I have been predicting this since 1965, when I was twelve years old, and they took the silver out of the coins. The closing of the gold window in 1971 just made it more certain.
Anyone with a grasp of what money really is has known this would happen ever since then. It was just a matter of time.
The printing presses will be run faster and faster and faster and faster and faster. There will be one final flurry of absolutely worthless paper (worthless except for burning in barrels for warmth under the underpass) and it will be all over.
We can start with a new monetary system on the Monday morning after. A monetary system based on the gold and silver that smart people hoarded.
‘I have been predicting this since 1965, when I was twelve years old”
Umm that just seems strange to me. That you knew enough about economics at 12, that you cared at 12, and that you remember it.
Another well said post. Is the position of stalker filled? ;-)
Here is the thing I think most people are missing when it comes to the inflation / deflation arguement. I know the government is printing massive amounts of currency which should spark inflation, but inflation is not just the amount of currency, but also velocity of that money. People are not really spending their money. Basically monetary and fiscal policy (not including tax cuts) are broke. I am betting on deflation and the old fiat currency system finally crumbling.