Jargoeauxgne

Zimbabwe had hyperinflation because there arent a bunch of outstanding debts in ZimDollars that people need ZimDollars to pay, it was just token money where the first to get something real with it wins

its hard to wrap your mind around virtually none of the money supply is cash its mostly loan money, which becomes a phantom if asset prices fall or defaults take place the dollar is UP against other currencies during the panic even though the fed is creating more

with every new dollar they create, there is a corresponding liability thus there is never truly an over-supply its double-entry bookkeeping, going back to Venice or earlier (possibly Babylon) London mastered it, New York was their protege

most people are never trained to think like a banker, which is good in a way, because usury is a sin, but you cant understand the modern financial world if you dont understand the double (& now triple) ledger system

Austrian Economics was developed during the monetary experimental days of Central Europe (Germany & Austria mostly), where fully fiat paper was actually issued. That was not the Babylon/Venice/London/Fed system. The Austrians simply do not "get it".

Inflation is of course possible, yes. But its built in - intentional and within a certain scale. I'm not defending the Fed and bankers at all. Its not a moral system. But most people don't understand it and are perplexed at how it keeping functioning.

Money in a modern society is a function of law. If there are ;awful debts and/or taxes and people have to pay them then there must be a legally sanctioned way of paying them. That way is the government currency. The system has a built in supply/demand structure that works...

.... for as long as the legal system is reliable at enforcing debts and collecting taxes. Every municipality, corporation, county, state, and nearly every individual has dollar-denominated debts that legally must be paid...