DUB,
For mine we have deflation and we will have until the govts start to replenish dollars quicker than they evaporate into bad debt.
I was half banking (poor pun) on the govts doing something really silly like putting use by dates on notes.
But now I look at it like this: it is a race between the private sector to conserve money - which means the banks 'plug holes' rather than lend money, and companies cut capital spending and jobs - and the govts to inflate things.
How often has the govt beaten the private sector?
We are a long, long way from the govt 'catching up' with the private sector. Although this still lines up with the deflation-into-hyperinflation scenario, as we've said before, timing is just as important as knowing where we're headed.
I think the speed with which the private sector is acting is going to delay the hyperinflation train leaving for quite a while.
BUT, when (IF? I am woosing out a bit) the govt do catch up, oh deary, deary, me. That will be the new bench mark for hyperinflation.
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