From The Daily Bell. For my money this is the take away quote:

It (America) is in a Great Correction of the credit expansion that began after WWII. This will continue for many years to come and probably lead to enough excess money-printing by the feds to create a hyperinflationary blow-up. This will be the end of the monetary system that was set up – almost unwittingly – in August 1971. More than that, hyperinflation will shake the foundations of modern political, social and economic institutions, and probably bring many of them down. The social welfare state, for example, was invented by Germany’s Iron Chancellor Otto von Bismarck more than a century and a half ago. In their late, degenerate form, they depend on delivering benefits in the present while pushing the costs – in the form of national debt – onto future generations. A bout of hyperinflation will make this model inoperable, because governments will be unable to finance further huge deficits at low rates. It will also mark the end of Keynesian interventionism, as it will be obvious that central financial planning doesn’t work.

Read the rest, it’s good stuff.

h/t Survival Blog