Note from JWR:
It will be interesting to see exactly what emerges from the G-20 meeting this weekend. At first blush, their “five point rescue plan” looks like: “Throw money at the problem, throw more money at the problem, repeat, repeat, fire for effect.” The Mother of All Bailouts (MOAB) has grown to multinational and unconstrained proportions. The MOAB will be so gargantuan that it will destroy the US dollar as a currency unit. Get ready for mass inflation–at least here in the States, and possibly across the Atlantic, as well.