If you haven't read it, it's a great article worthy of your time. The first comment is enlightening as well, from one Blert:
The ability to levy a hidden wealth tax by way of hyperinflating the currency // officially sanctioned counterfeiting // mega-deficit spending operates as a narcotic on the political and crony classes.
Because the US Dollar is International Money -- Mega-Washington is actually able to -- stepwise -- export its taxes.
This is why the collapse is happening elsewhere, first.
It's NOT a coincidence that nations that super-abuse their own currencies discover that International Money sweeps in.
This is famously evident in the latest travail in Argentina. (An ironical name: the land of silver/ money / silver money!) Buenos Aires has hit the panic buttons. All serious transactions were being Dollarized. This essentially frustrates officialdom's ability to impose a wealth tax on liquidity.
THIS is the reason that the central government is imploding. The citizens, in a round-about-way, had cut its ability to raise revenue -- real world revenue. This flowed back as a concentrated debasement of the official currency -- as towards the end, only the dull and the poor were left to absorb the wealth losses.
Hyperinflation, as defined here, is NOT a flight from the national fiat currency. It's when ANY central government issues fiat currency/ digital currency to backstop its deficit spending.
Hyperinflation of the national currency ALWAYS starts out modest -- and typically in an era of either outright deflation or wartime. It gets its name for historical reasons: politicians become addicted to it and take it to the limit. That limit is only reached when everyone in sight is rejecting the currency and nominal prices are moving faster than the speed of light.
So, it's the End Stage drama that's fixed in the public mind. Between the first and the last, the government was sustaining the EXACT SAME ECONOMIC POLICIES.
By this standard, most of the planet is hyper-inflating their currencies.
Red China is the exception. She's merely inflating her currency. That inflation is ramping higher and quicker than America's hyperinflation.
Inflation is triggered by money creation within the commercial banking system. Because credit based money is destroyed by default and pay-downs, TPTB often push bankers into easy credit to stimulate macro-economic statistics.
This is but a part of the phenomena described by Daniel.
Both Inflation and Hyperinflation can range between nill and infinity. The former is dominated by credit created money -- in the private market. The latter is solely due to (government) credit and (government) currency being spewed out through a Spigot.
It's this Spigot effect that's causing wealth concentration to take-off like a rocket. Whereas commercial banks issue loans broadly through the entire nation -- spewing money out everywhere as a result.... The central government issues its credits/ debt to a select few (primary dealers) and spews the results upon favored players. (See Daniel, above)
This destruction of the currency has game ending impacts. Every Chinese dynasty since the creation of paper -- and paper money -- ended by savaging the currency. (Exceptions: Mongol invasions, etc.) Such debasements are the cause and consequence of massive cronyism, corruption, and show piece architecture. (The edifice complex is apparently a universal trait of the vainglorious. I give you the immense estate of Ukraine's ex-president.)
Congress is in narcosis -- a financial narcosis.
At the present, the prognosis is for a Philip Seymour Hoffman ending.
As Argentina shows, some societies never learn. Do NOT expect the dependency classes to figure any of the above out.
Concentrate on family.
I copied the comment in its entirety with no changes. A lot of this we have referenced in one way or another before. I like the way Blert brings it all together in a way that does not sound like a breathless promotion of an Alex Jones/Glenn Beck episode.