Well, let me put it this way. There is no easy road ahead of us from here. There have been major structural problems in our economy for years. Politicians in both parties chose to ignore it until it became to late to prevent.
The time to start staving this off and changing how we do business was 2005, 1995 and even 1985. 2010 is now too late. All we have awaiting us are unattractive options. You have just described an unattractive option. But in that unattractive option people would still be able to own their property. They could grow food on their property. They could subsist.
Believe me, in hyperinflation I stand to lose millions that I earned through a quarter century of working far more than the average 40 hours a week. But I have already begun to increase my own personal investments in land and am looking at ways to safeguard my total value.
That’s what you have to understand. Short of us finding some new economic process that will allow us to continue our dominance of the world’s economy for this century we are in our decline. There are ways to survive as a nation doing that. If 25% of our nations homeowners get the boot because of deflation these are people who will never again say the pledge, wave the flag or even give the slighest damn about what happens to this country.
He said we should never fool ourselves into thinking we'd get out of debt or paying our property taxes so easily in a hyperinflationary situation, because the government and the lending institutions would not allow us to pay our debts and taxes at current rates without going to the courts (or passing new laws) to have the debt language changed in the supposedly legal-biding debt document.
Likewise with the payment of property taxes, which would be quickly remedied to be increased to compensate for highly devalued dollars. My professor said one thing we had all better understand well is that when hyperinflation comes, the government and the banking industry will not be the one taking the hit.