Hyperinflation isn't a obvious and necessary conclusion of inflating away obligations. It's what happens when the government effectively goes utterly bankrupt, and can't pay any of their obligations in real terms. If your governmental shortfall is only 30-50% you can print enough to have massive sustained inflation without turning into Weimar or Argentina. It's still bad for everyone, and reduces 90% of citizen's living standards drastically, but plenty of nations have survived running double digit inflation for a decade.
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I'd just chalk it up to a learning experience. The only leverage you have against a shady contractor is the money you haven't paid them yet, the know you aren't gonna wait long enough to get some form of actual judgement against them to complete the job, and they'll just leave town if you try to get a financial judgement afterwards.
It sucks, but if you actually try to enforce that balance reduction term he's just gonna split.
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