On the latest episode of Minor Issues, Mark Thornton takes a provocative look at America’s path toward hyperinflation. Mark walks through Ludwig von Mises’s three stages of inflation, contending the US is moving from complacency to active flight from cash. Mark ties today’s risks to sanctions policy, BRICS efforts to bypass SWIFT with gold-leaning systems, and foreign central banks rotating from Treasuries into gold. At home, Mark sees households hedging with real estate, older savers turning to precious metals, and younger investors to crypto: classic signs of eroding demand for dollars.

Additional Resources

"The Gold-Silver Ratio” (Minor Issues, Episode 119) : https://mises.org/MI_119

"Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System" by Mark Thornton (Book review, Quarterly Journal of Austrian Economics): https://mises.org/MI_136_A

"Exorbitant Privilege Gained and Lost: Fiscal Implications” by Zefeng Chen, Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Xiaolan (Journal of Political Economy): https://mises.org/MI_136_B

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