Hyperinflation case revisited - Part One: On the road to hyperinflation. Will we complete the trip?

`` The most relevant and worrisome factor is that the US is heading into an economic depression in a marginalized fiscal position, and with heavy external debts – even if they are denominated in dollars -- as well as large gross public debt, and heavy household and corporate debt burdens, as output and GDP declines. The combined negative infuence of these pre-conditions may outweigh the unique advantages that the US has over countries that have suffered hyperinflation: the status of the dollar as a reserve currency and the interests of US trade partners to cooperate with the US and each other to avoid taking losses in the purchasing power of the dollar-denominated assets they hold. To answer how these conflicting factors may work out over time we break down the macro-process of hyperinflation into its various interacting sub-processes and build our case bottom-up.''