Quantitative Easing as a Highway to Hyperinflation

6. The phenomenon of hyperinflation. 6.1. What is hyperinflation? 6.2. Hyperinflation as an extension of moderate inflation. 6.3. The measurement of hyperinflation. 6.4. The syndrome of hyperinflation. 6.5. The hyperinflationary process and feedback effects. 6.6. Hyperinflation and the death of a fiat currency. 6.7. The monetary, confidence and fiscal models of hyperinflation. 6.8. The role of expectations. 6.9. Other approaches to hyperinflation. 6.10. The behavior of exchange rates under hyperinflation. 6.11. The empirical evidence. 6.12. The consequences of hyperinflation. 6.13. Dealing with hyperinflation: business issues. 6.14. Dealing with hyperinflation: macroeconomic issues. 6.15. Concluding remarks -- 7. The history of fiat money and hyperinflation. 7.1. Fiat money, monetary debasement and hyperinflation. 7.2. The early history of fiat money and hyperinflation. 7.3. Fiat money and hyperinflation in Europe prior to World War I. 7.4. Fiat money and monetary debasement in the U.S. 7.5. The classical hyperinflations of the 20th century. 7.6. Concluding remarks -- 8. Hyperinflationary episodes since the 1970s. 8.1. Introduction. 8.2. Angola. 8.3. Argentina. 8.4. Belarus. 8.5. Bolivia. 8.6. Bosnia-Herzegovina (Yugoslavia). 8.7. Brazil. 8.8. Congo (formerly Zaire). 8.9. Croatia. 8.10. Ecuador. 8.11. Georgia. 8.12. Iraq. 8.13. Israel. 8.14. Mexico. 8.15. Nicaragua. 8.16. Peru. 8.17. Poland. 8.18. Romania. 8.19. Russia. 8.20. Turkey. 8.21. Ukraine. 8.22. Zimbabwe. 8.23. Iran. 8.24. The overall picture. 8.25. Concluding remarks -- 9. The status quo: heading towards hyperinflation? 9.1. The road to hyperinflation. 9.2. Fiscal and monetary indicators worldwide. 9.3. Quantitative easing. 9.4. Hyperinflation in the U.S.: why and why not. 9.5. Concluding remarks -- 10. Leading indicators of U.S. hyperinflation. 10.1. The fiscal balance. 10.2. The spending side. 10.3. The revenue side. 10.4. The outlook for the U.S. fiscal position. 10.5. Public debt. 10.6. Monetary aggregates. 10.7. Lessons from theory. 10.8. Lessons from history. 10.9. When and how it will happen? 10.10. Concluding remarks -- 11. Concluding thoughts. 11.1. The highway network. 11.2. Fire or ice? 11.3. The unthinkables. 11.4. The big unthinkable: break-up of the U.S. 11.5. The day of reckoning is inevitable