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" [The above being the case,] the Fed has bought up assets of all kinds, in order to inject liquidity into the system, and bouy asset price levels so as to prevent this deflationary deep-freeze… but this Fed policy—call it “money-printing”, call it “liquidity injections”, call it “asset price stabilization”—has been overwhelmed by the credit contraction… [in spite of] expanding its balance sheet from some $900 billion in the Fall of ’08, to about $2.3 trillion today. [While it is true that] the Fed has been able to alleviate the worst effects of the deflation, it has not turned the deflationary environment into anything resembling inflation. Yields are low, unemployment up, CPI numbers are down (and under some metrics, negative)—in short, everything screams “deflation”. Therefore, the notion of talking about hyperinflation now, in this current macro-economic environment, would seem . . . well . . . crazy. Right? Wrong! I would argue that the next step down… will be hyperinflation.".
" [The above being the case,] the Fed has bought up assets of all kinds, in order to inject liquidity into the system, and bouy asset price levels so as to prevent this deflationary deep-freeze… but this Fed policy—call it “money-printing”, call it “liquidity injections”, call it “asset price stabilization”—has been overwhelmed by the credit contraction… [in spite of] expanding its balance sheet from some $900 billion in the Fall of ’08, to about $2.3 trillion today. [While it is true that] the Fed has been able to alleviate the worst effects of the deflation, it has not turned the deflationary environment into anything resembling inflation. Yields are low, unemployment up, CPI numbers are down (and under some metrics, negative)—in short, everything screams “deflation”. Therefore, the notion of talking about hyperinflation now, in this current macro-economic environment, would seem . . . well . . . crazy. Right? Wrong! I would argue that the next step down… will be hyperinflation.".
end quote sample.
There is unquestionably a genuine risk of hyperinflation in the long term, beginning with when the economy recovers.
However, in the short term, the demand just isn't there, and if anything deflation is more of an immediate threat.