 | Why We Disagree on Peak Oil and Climate Change: Part III - Our Belief Systems | The Oil Drum | Ghawar reserves update and revisions (1) |  |
249 comments on DrumBeat: May 2, 2007
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249 comments on DrumBeat: May 2, 2007
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Bruce,
That's a good question. It seems like the collapse of one major currency would tend to bring the others along, because of the interconnectedness of the economies. At best, there might be hyperinflation in the US, and a lesser (but still significant) impact on the Euro and Yen.
Thats not how hyperinflaction happens though. That happens when you use the central bank to print money instead of using taxes.
You can have a sudden currency correction where it loses say 50% of its value (certainly extremely painful) if say a country dumps all of its foreign currency holdings, but absent flooding of the money supply hyperinflation doesnt occur.