by Mike ‘Mish’ Shedlock
Mish Talk
The hyperinflation proponents are back at it. This time in two parts, led by Jeff Nielson.
The most absurd part of Nielson’s claim is his statement “Hyperinflation has already occurred“. His claim is in reference to the US, not Zimbabwe.
Allegedly Nielson provides “proof“. Let’s take a look.
In Hyperinflation Defined, Explained, and Proven: Part I, Nielson defines inflation as an “increase in the supply of money”.
That’s a reasonable starting point, but in a fiat-based credit society in which we live, Nielson ignores credit, and credit is far more important.