Would you like to do a sort of fire drill to see what hyperinflation would be like for your family?
Here you go:
See how long you and your family can do this and how much fun it is.
• You may NOT spend any US cash (it will be worthless)
• you may NOT use a check from a U.S. checking account (the money in the account will be worthless)
• You may NOT spend any foreign cash (it will be illegal because of capital controls)
• you may NOT pay your taxes other than with a foreign debit card drawn on a foreign bank account located in a foreign country and containing foreign currency
• you may NOT use any credit card (they will all be instantly cancelled)
• you may NOT use any debit card that draws money from a US bank account (that money will be worthless)
• you may NOT use any line of credit (they will all be instantly cancelled)
• you MAY use a debit card that draws money from a foreign currency account from a foreign bank in another country
• you MAY use cash you obtain by selling things like stamp collection, rare coins, silver or gold, art, guns, car, computers, inventory of your business—but you must spend that cash within one hour of obtaining it
• you MAY eat food you already have on hand
• you MAY sell stock—but you must spend that cash within one hour of it being put in your account
• You may NOT not use money obtained from selling U.S. dollar denominated government or corporate bonds
• you MAY use cash obtained from selling real estate—but you must spend that cash within one hour of obtaining it
• you MAY use U.S. dollars to pay your fixed-rate mortgage and other fixed-rate debt payments (adjustable rate loan payments will go to their maximum ceiling)
• if you have a casualty loss, you may NOT pay for it by filing an insurance claim (because the dollar limits of the policy will be laughably too low in terms of purchasing power)
• you MAY use any US dollars you receive from pay or selling some good or service—but you must spend that cash within one hour of obtaining it
• you may NOT use any U.S. dollars you receive from annuities like social security or pension or from bonds you own or loans you made (they will be worthless)
• you may NOT use any money you receive on fixed-rate leases where you are the landlord
• you MAY use money you receive from a month-to-month lease—but you must spend that cash within one hour of obtaining it
Enjoy your preview of hyperinflation. Then get your freaking act together before the ’flation hits the fan.