The question is, Where is the United States headed?
• A 1930s-style deflationary depression?
• Or a Weimar-style hyperinflationary crisis?For the first time ever, two of the most prominent writers on this issue will face one another in a live online debate, to be held on Thursday, February 10, 2011, at 9pm EST.
Nicole Foss, a.k.a. “Stoneleigh” at The Automatic Earth, ranks among the most prominent of the deflationists. She maintains that the ongoing contraction of jobs and overall income in the US will lead us into a sustained deflationary depression. Consequently—and in direct contradiction to the advice of hyperinflationists such as Lira—Foss strongly recommends Americans stay liquid in US Dollars and avoid going into any debt. As jobs and many businesses disappear, Foss foresees a crash in the money supply, leaving most people without cash or credit, and a minority hoarding the little that remains.
And as far as me? Well, you who read this know that I’m a hyperinflationista—but a thoughtful one, not some crazed tin-foil hatter. I’ll be drawing on my personal experience from Chile in the early 1970’s, and arguing how the same hyperinflationary crisis will soon take place in the United States, due to the massive oversupply of debased U.S. dollars chasing after a finite supply of tangibles. I’ll be arguing that anyone wanting to survive and prosper would be well-advised to structure their investments and their own personal lives in anticipation of a rapid and stunning hyperinflation.
This live online debate will be moderated by Jay Carter of Financial Survival Radio.
Stoneleigh and I will be taking your questions—live. So if you sign up (and I certainly hope that you will), please have a microphone attached to your computer, in order to participate in the live Q&A.
Remember: Thursday, February 10, at 9pm EST.
Hope you catch our debate!