There are even those who, over the years, have predicted that the continued massive creation of fiat dollars may well lead to price controls, destruction of savings, looting, riots and, possibly, even revolution. A decade ago, such predictions were regarded by most as nonsense. Today, all of these eventualities seem more likely, although there still remains a strong contingent (possibly even a majority) who believe that, "It can't happen here."
A Brief History of Colonial US Fiat Currency
At this juncture, with regard to the US, it may be helpful to mention that not only can it happen here... it in fact, already has – back when the US was first created.
Much has been said about the American founding fathers having been "visionaries," and this is most certainly true. But how was it that so many people in pivotal positions in late 18th-century America possessed such insight, such inspiration in terms of designing a country whose Constitution was based upon free-market values, and avoided, as much as possible, a central government that had its fingers in the economic pie?