>>61135105
>The relatively fixed-income groups are wiped out. Production declines drastically (sending up prices further), as people lose the incentive to work—since they must spend much of their time getting rid of money. The main desideratum becomes getting hold of real goods, whatever they may be, and spending money as soon as received. When this runaway stage is reached, the economy in effect breaks down, the market is virtually ended, and society reverts to a state of virtual barter and complete impoverishment. Commodities are then slowly built up as media of exchange. The public has rid itself of the inflation burden by its ultimate weapon: lowering the demand for money to such an extent that the government’s money has become worthless.

>When all other limits and forms of persuasion fail, this is the only way—through chaos and economic breakdown—for the people to force a return to the “hard” commodity money of the free market.

Hyperinflation (ie the end of Inflation) is a population level immune system response to an untenable monetary condition. Extraction of credit purchasing power into anything else (the flight from money) is a society wide shorting of the credit. This process is inevitable just as death is inevitable to life. Rothbard gives this final warning, for a fiat system that has gone global. Even the German's in their dire circumstances in 1920s could default to a stable USD or other currencies. We will not have that option.

>If a World State outlaws gold and silver and establishes a unitary fiat money, which it proceeds to inflate until a runaway boom destroys it, there will be no pre-existing money on the market. The task of reconstruction will then be enormously more difficult.

>>511427459
1. no its isn't
2. this wasn't caused by taxation