Paul13,First, you have to understand that your government has...

Paul13,

First, you have to understand that your government has embarked quite prematurely according to some in a program of fiscal tightening and therefore that the extra printing is a form of compensation for that.

Second, according to popular myth printing does not necessary equates to inflation. Search the net for liquidity trap. If you do that you soon realize that there is no problem in printing money as long as the money being printed is hoarded

Third, if you want to change your consumer driven economy into something else that, accidentally, you fail to specified then now may not be the right time to do it as any attempt a doing it would, most likely, stuff things up even more than what they already are.

I think that you are forgetting that producers in a market economy cannot produce if NOBODY consumes.

Devaluation is a relative term. Your pound sterling may have been, to the annoyance of your European partners, subjected to devaluation against the euro and some other currencies including the USA dollar but by no means our Aussie dollar. Ask that to our farmers and our exporters and I am sure that they will tell you that a strong Aussie dollar has been for them a calamity.

"the bankrupt west fools itself through money printing and as such is creating the mother of all hyper inflationery events."

You can never go bankrupt by printing money as with money
you always can pay your debts. It is those that cannot print their money like the Greeks that go bankrupt.

"the mother of all hyper inflationery events."

Well, the mother of all hyperinflationary events was predicted to have arrived in the USA in 2010, but to this date it has failed to arrive. Inflation in the USA as measured by the GDP price deflector is at 0.4 p.a. Link bellow.

'Any chat about a falling gold price is quite frankly ludicrous when you understand the consequences of money printing."

Had you shown the most elementary understanding of the consequences of money printing I would have agreed with you completely, the problem is that you did not.

http://uneasymoney.com/2012/01/27/inflation-what-inflation/

http://www.hyperinflation-us.com/

http://globaleconomicanalysis.blogspot.com.au/2009/01/peter-schiff-was-wrong.html