Hi Dave, Fauk, and all my permabull brothers!

Yes, it could get very ugly.  We are talking about a hyper-inflationary collapse of the Dollar (the strongest fiat currency, which if it collapses will probably take out all the others).  Many think it is way overdue, and while I love what it will do for bitcoin and our positions who HODL, it will be a hell for the rest of the world, and it could be very destabilizing, war wise...

The problem is of course we have spent 20 trillion dollars we don't have, and have promised over 200 trillion in unfunded liabilities, which while I wish I could collect on since I have contributed to them for decades, will not be affordable.. I am of course referring to Medicare, Medicaid and Social Security.   Another way this could happen is to lose the dollar as the world reserve currency, the "petrodollar", which would result in all those dollars previously needed to buy and sell OPEC oil will all come home....

The only way the government will pay for them, (because no politician attempting to run for office can ever threaten to cut them), is to devalue the currency.  Print money.  Make it out of thin air.  Raising interest rates lately may expedite this collapse because it will only accelerate the government's insolvency.  And it is not without historical reference.  Germany Weimar republic after WW1, Venezuela, Zimbabwe 2008,,,ROME hundreds of years ago!!!!  --and many more, and they all follow the same spiral...

The compounding problem is that we have so many social programs that will collapse with the currency.  So many people depend on the government check to survive today.  As such, when hyperinflation event happens (and it can and has happened VERY FAST) their government checks will be equally worthless (unless they increase the check amounts, which causes more deficit, in a accelerating whirlpool making the dollar absolutely valueless)  and it will cause riots in the streets.  

People who don't know better (and they should) will scream for the government to fix the problem.  But the government can only use force to fix anything when there is no money, whether it is to force taxation, or in the worst case here, confiscate property -things could get very ugly-  Government force, martial law, to stop the riots, redistribute wealth, attempt to control the economy through centralized planning.  The Constitution could be an unfortunate casualty. Not good.

I am hopeful though that if a hyper inflationary event does happen that Bitcoin may be the way out without losing our freedoms and country.  And anyone with any amount of BTC/crypto/metals will be a necessary leader by default assuming property rights survive.

Not to be a downer, and in fact Bitcoin and crypto is a hedge against the worst case scenario, and perhaps it won't ever get to this point.

HODL.