Readers of Part I may still be somewhat confused, or at least less-than-convinced. They saw the chart showing the Federal Reserve’s (official) money-printing. It is an extreme, absurd, and totally out-of-control exponential curve: a classic representation of a hyperinflation-in-progress.
They may have also delved into the references provided which indicate how/why the U.S. dollar is already worthless, according to several different metrics of analysis. However, “hyperinflation” means a currency literally plunging to zero in value, while the (official) inflation statistics indicate ‘mere’ double-digit numbers. There is (to put it mildly) a large, mathematical gulf here.
But it was also explained to readers how hyperinflationary episodes are “confidence events”, not economic events – which explains why the (worthless) dollar still has an exchange-rate above zero. In fact, the currencies of the Western bloc are now all nothing but paper scams (or “cons”), and in any “con”, confidence is an extremely frail entity.
Those knowing their history will know that the term “con man” derives from the original vernacular “confidence man”. The reason? Success or failure of the “con” was wholly/entirely dependent on acquiring and maintaining the confidence of the Chump(s). And Western currencies are very clumsy, transparent cons, indeed.
Even apart from the abysmal economic fundamentals of these Western, paper currencies; the monetary fundamentals of these paper currencies dictate their worthlessness. There are only two ways for any money/currency to have (real) value.
The legitimate way for a currency to acquire value is to be “backed” (by gold or silver, our only monetary metals), in which case its status is elevated to (real) “money”. It can be backed directly, such as with gold and silver coins, where the metal is literally in the money. It can also be indirectly backed: paper notes, backed by physical (audited) gold or silver “reserves”. In this case our money/currency would be units of value.
The illegitimate way for a (paper) currency to acquire value is to attach cost to it, i.e. to “borrow it” into existence. In this case, as essentially IOU’s, our currencies are mere units of obligation. The paper retains value only as long as the issuer of the currency remains solvent, and can thus (theoretically) redeem those IOU’s. This is the way the now-fraudulent Western currencies used to be created – but no longer.
Today, in our era of “quantitative easing” (which is a euphemism derived from a euphemism), our worthless paper currencies are simply conjured into existence, neither backed nor borrowed. They are not “units of value” (money). They are not “units of obligation” (quasi-legitimate currency). They are simply units, with no possible fundamental basis for value.
Compounding this worthlessness; the major Western economies are now all insolvent, and thus no longer able to back the (previously issued) units of obligation. All of their paper is now worthless. However, this is only the beginning of the U.S. dollar’s problems.
As noted in Part I, (in theory, at least) the Federal Reserve could ‘pull the plug’ on its money-printing, but this would trigger a devastating collapse of almost unimaginable proportions (also detailed in Part I). The point is that those Armageddon-like consequences are so catastrophic that they would undoubtedly shatter confidence in the dollar, and thus cause the very collapse-in-value of the dollar that the Fed would be trying to prevent.
The Federal Reserve (and the U.S. government) is already well past the point-of-no-return. The monetary/economic damage already caused by their past crimes/fraud has made any form of economic salvation impossible. This is what makes any significant official inflation (and the erosion of confidence which comes with it) so dangerous. The U.S. dollar is perched upon the ultimate “slippery slope”.
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