The Cultural Degeneration of Inflation

I think there's a cultural element to this inflation. It causes a cultural degeneration in a sense because the population becomes more dependent on government largesse welfare statism, warfare statism. And what we see in some of these countries is a dynamic where they do not want the welfare state to stop. In order to sustain that high, that large welfare state, you need a lot of printing. So I think that's also a dynamic that we are going to see in various countries around the world as we see more cultural degeneration.

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