When people think of inflation, if they think of it at all these days, they generally focus on the economic consequences: the potential loss of purchasing power of their savings and their promises of future payments, e.g., their pensions. But there are much more serious consequences which are rarely considered, and almost always only on those occurrences of hyperinflation. The glue that holds society together, what we call "civilization," is an intricate web of relationships and our expectations of those relationships. They are based primarily on mutual promises and on the expectation that those promises will be honored on a … Continue reading Inflation Is an Attack on Civilization