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LanternWaste

(37,748 posts)

59. I don't think the rich need to worry about hyperinflation, as they can (and have) indeed, stopped it

Thu May 17, 2012, 12:19 PM

May 2012

I don't think the rich need to worry about hyperinflation, as they can (and have) indeed, stopped it.

In his book, The Economic Consequences of the Peace, John Maynard Keynes described that it was specifically two monied groups, the industrialists and the Prussian large bloc land-owners who pressured (via the mechanism of economic and industrial leverage) the various governments of the Weimar Republic to establish the Rentenmark to better assist in stabilizing, and then reducing, the hyper inflationary activities of the economy. A stabilization and reduction in spite of the French occupation of the Ruhr and the continuing payments of reparations.

If that is indeed the case, concern with surviving hyperinflation becomes moot if one has the means to prevent it from happening.

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Go, Greece! A run on the banks is in progress in Greece. [View all] Zalatix May 2012 OP

This is so sad for the people. It isn't right that politicans got them in this mess. southernyankeebelle May 2012 #1

We're not nearly as bad, but just like here...we/they voted them in. demosincebirth May 2012 #3

They lie like hell and take big money and the people get screwed. I sure hope our Politicans are southernyankeebelle May 2012 #10

Let's not forget the bankster's role in this. Zorra May 2012 #111

Yes am disappointed that Obama hasn't done anything to really stop what is going on. southernyankeebelle May 2012 #114

The politicians are favored by the billionaire criminals that really run things. Initech May 2012 #112

Yes I got a call wanting a donation for dems. I gave him a piece of my mind. southernyankeebelle May 2012 #113

NICE!! Make the rich pay their fair share and even more....but just not just fair uponit7771 May 2012 #2

A run on the banks is what caused the Great Depression here. Honeycombe8 May 2012 #4

question FirstLight May 2012 #5

Yes, it would result in hyperinflation. The rich REALLY get soaked then. Zalatix May 2012 #11

the rich will survive just fine. the poor will starve. yay! we won!1!!1! dionysus May 2012 #17

The rich would not survive when their money is utterly worthless. Zalatix May 2012 #20

Those farms will be guarded compounds for the rich who owns them... Maine23 May 2012 #25

Uh, how would the rich enforce their ownership of said farmland? Zalatix May 2012 #28

the smart rich will have divested a long while ago. Javaman May 2012 #46

A run on the banks is a terrifying thing, but not as terrifying as Germany's austerity plan. Zalatix May 2012 #56

which is fine... Javaman May 2012 #78

Since few people are clear on where I stand, see the updated OP. Zalatix May 2012 #94

Argentina took out (and re-payed) a $12 billion loan from the IMF hack89 May 2012 #101

How will they pay the guards? aquart May 2012 #86

they own the land, and they'll shelter their money. you're being naive. dionysus May 2012 #26

And how will they enforce their ownership when the money is rendered worthless? Zalatix May 2012 #30

other currencies? dionysus May 2012 #31

To pay the police with? Good luck with that! Zalatix May 2012 #32

you can buy a lot of private security with US dollars. jesus christ dionysus May 2012 #33

Like I said, good luck with that. When the farmers go on strike the Plutocrats can eat US dollars! Zalatix May 2012 #35

enjoy that fantasy. dionysus May 2012 #36

The rich surviving hyperinflation? Now THAT is a fantasy. Zalatix May 2012 #38

I don't think the rich need to worry about hyperinflation, as they can (and have) indeed, stopped it LanternWaste May 2012 #59

Stopping it from happening is more plausible. Zalatix May 2012 #64

The most extreme example of hyperinflation was Germany after WW1 LeftishBrit May 2012 #91

The ultra wealthy are the very ones most likely to own gardens and farms! LeftishBrit May 2012 #89

They'd be vulnerable to having their land seized in that kind of chaos. Zalatix May 2012 #97

Greece can't feed itself. What would seizing someone's estate solve? Nuclear Unicorn May 2012 #109

I don't know. But unless you have more than $150k, there's no reason to pull your $ out. Honeycombe8 May 2012 #21

Technicality, but current FDIC limit is $250K - n/t coalition_unwilling May 2012 #107

FDIC is almost broke, actually. Can't cover all banks at all. dixiegrrrrl May 2012 #61

The issue here isn't insurance, but devaluation n2doc May 2012 #52

Exactly. dixiegrrrrl May 2012 #63

I think you mean pre-1982 pennies Art_from_Ark May 2012 #95

A run on the banks in the early 30s did not cause the Great Depression here. Simply coalition_unwilling May 2012 #106

OMG "Tyler Durden"! NYC_SKP May 2012 #6

Well, now you know where he went! KansDem May 2012 #7

YOU nuked Tyler?!?!? dionysus May 2012 #16

"we" nuked him... NYC_SKP May 2012 #19

damn i hope you guys threw out your file on me... dionysus May 2012 #27

Tyler Durden is the guy in Fight Club cthulu2016 May 2012 #58

People are rushing to get Euros out of the banks in anticipation that Greece will be returning PoliticAverse May 2012 #8

I suspect "the plutocracy" banks elsewhere. n/t bhikkhu May 2012 #9

They may also be forced to reside elsewhere. Zalatix May 2012 #12

if only we could herd all of the troublemakers onto one small island... glinda May 2012 #13

Then declare them terrorists. LOL. Zalatix May 2012 #14

+1 glinda May 2012 #45

you're cheering on a whole lot of misery coming up. foolish. dionysus May 2012 #15

No. This is the beginning of the end of a whole lot of misery. girl gone mad May 2012 #41

from one misery to another. Javaman May 2012 #47

They are already one step ahead of you. girl gone mad May 2012 #73

This has all the ingredients for an anarcho-mutualist uprising Taverner May 2012 #18

A anarcho-mutualist uprising is not much better then a fascist uprising... Maine23 May 2012 #23

It's better than a Plutonomy. Zalatix May 2012 #24

It's an opportunity, but it could also be a curse Taverner May 2012 #50

Followed by either a facist dictatorship or a dictator of the proletariat, depending. FarCenter May 2012 #57

Well... Have You Seen This ??? WillyT May 2012 #22

Damage control. It'll fail just like it has before. Zalatix May 2012 #29

Germany's getting all the flight capital? Bloody hell! aquart May 2012 #88

Are you actually cheering for misery for the people of Greece? blue neen May 2012 #34

There's even more grief for the people of Greece if they let austerity win. Zalatix May 2012 #37

So, that makes it okay to cheerlead in your OP for their misery now? blue neen May 2012 #42

Austerity is a cancer upon Greece. What is going on now is chemotherapy. Zalatix May 2012 #43

That is a really horrible analogy. Javaman May 2012 #48

Seriously, you need some perspective here. Zalatix May 2012 #55

I have plenty of perspective., thank you... Javaman May 2012 #72

Greek people are already starving... girl gone mad May 2012 #74

Where did I say everything was just "peachy"? Javaman May 2012 #75

And yet you cheer for more austerity? girl gone mad May 2012 #82

So now instead of calling me clueless you put words in my mouth... Javaman May 2012 #84

Greece did not cook its books to gain entry into the EU. girl gone mad May 2012 #90

Here... Javaman May 2012 #103

Sorry to break it to you, but Greece is getting austerity no matter what. Dreamer Tatum May 2012 #51

Austerity is a given at this point,it won't just be the rich who suffer. sufrommich May 2012 #60

What a ridiculous argument. The people are going to suffer regardless. Zalatix May 2012 #66

The rich buy airplane tickets when the going gets tough. sufrommich May 2012 #80

You mean they'll LEAVE? And hopefully never come back? Zalatix May 2012 #93

The US recovered so fast after World War II because Art_from_Ark May 2012 #98

he's too naive to comprehend what he's cheering for. i think he means well. dionysus May 2012 #39

You're too naive to understand that things will actually be WORSE if austerity wins. Zalatix May 2012 #40

i'm not saying austerity will win, or should win. what i object to, is that you're treating this dionysus May 2012 #44

+1000 nt Javaman May 2012 #49

A game? I haven't portrayed it as anything of the sort. Zalatix May 2012 #54

You're cheerleading an impending Great Depression for Greece. it's exactly what you're doing. dionysus May 2012 #85

"there's going to be a lot of misery, pain, maybe even some violence and death" girl gone mad May 2012 #77

Austerity has already won, unless you have plans to start sending money to Greece, and... Dreamer Tatum May 2012 #53

For the thousandth time, at least this way the rich don't get away with it. Zalatix May 2012 #69

When Greece Returns to the Drachma, It Will Be A Good Thing Yavin4 May 2012 #62

That's an odd prognosis cthulu2016 May 2012 #65

Lose their homes to whom? The banks holding the debt will collapse. Zalatix May 2012 #67

And what will it do to all those imports, starting with gas and oil? hack89 May 2012 #68

It'll force them to choose an alternative renewable energy. Zalatix May 2012 #70

Really? So where will Greece get the capital to completely rebuild their energy infrastructure? hack89 May 2012 #76

The same place every other sovereign currency regime gets its capital. girl gone mad May 2012 #81

Only if all the technology is designed and made in Greece. hack89 May 2012 #83

Greece can increase trade.. girl gone mad May 2012 #87

Devaluing your country's currency never works. Zalatix May 2012 #92

You neglect to mention capital controls, progressive taxes and austerity measures hack89 May 2012 #99

Many people in Europe believe the return to Drachma will take Greece to Civil War.. Londoncalling May 2012 #71

Finally, someone on DU with a little common sense. girl gone mad May 2012 #79

No shit... is this fascist free-market underground now? fascisthunter May 2012 #96

A de-valued currency (or high inflation) is really not such a bad thing, provided you coalition_unwilling May 2012 #108

nobody vacations in a place without police or public sanitation Nuclear Unicorn May 2012 #110

Solidarity with the people of Greece. nt TBF May 2012 #100

Bank runs are never a good thing GoneOffShore May 2012 #102

+1000 nt Javaman May 2012 #104

Here you go... Javaman May 2012 #105