The Phaserl


The Essence of Fiat Destruction

by Andrew Hoffman, Miles Franklin:

I could have gone so many different directions this morning as soooo many scary things are occurring simultaneously.  However, the key theme is what hit me like a “ton of bricks” as I awoke at 3:00 AM – i.e., the “Great Deformation” of economic activity and financial markets caused by fiat currency hyper-inflation.  The catalyst for this revelation was this article by David Stockman, which I read in preparation of discussing the utter collapse of energy prices we warned of two months ago – with oil prices still above $80/bbl. – titled “crashing oil prices portend unspeakable horrors.”  Not to mention, last week’s “shale oil 2015 = subprime mortgages 2008” and Audio blog, “crashing oil and currencies, America’s death knell”; and the commentary I wrote 20 months ago of the shale oil fraud – based on ten years of experience as an energy analyst – titled “unending energy independence hype.”

After reading his article, it became crystal clear that fiat currency regimes initially create highly inflationary environments, as the “unused credit card” of unfettered money printing is “charged up” by individual, corporations, municipalities and sovereign nations alike; until, inevitably, the brick wall of “diminishing returns” on such debt is reached.

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