Hyperinflation Is Not Inevitable (Default Is) - Gary North - Mises Daily

Hyperinflation Is Not Inevitable (Default Is) - Gary North - Mises Daily: "[Government] has made specific promises to the entire working population. These promises have the force of law. They also cannot be escaped by means of short-term monetary expansion. It is possible for the government for a brief period of time to get its hands on money that is depreciating, but there are cost-of-living escalators built into Social Security payments."

"The total obligation of the federal government to voters that is not funded at the present time is now $222 trillion."

"This is a problem created by every group of politicians in the world who have overpromised what each national government is going to be able to deliver in the future."

"What possible incentive is there for the Federal Reserve System to hyperinflate the money to zero value, when the political obligations of the old-age retirement system will survive the time of hyperinflation?"

"The government is going to have to renege on promises made to the vast majority of people who are now dependent on the federal government for their retirement income, and it will also default on the workers who are still in the workforce, who are paying each payday into Social Security and Medicare."