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Fred: 
 
If we need an unambiguous statement on the causes of hyperinflation, then I 
think we can say, without fear of having to qualify our statement to 
account for any empirical anomalies, that they are always initially caused 
by an excessive amount of money circulating in the economy. The prime 
suspect in getting all this redundant money into circulation is, of course, 
excessive debt-monetization. Nonetheless, debt-monetization can be used to 
feed the normal requirements of a trading system without fear of any 
inflation resulting as a natural consequence of this new money. Of course, 
this latter case requires a balance between the growing needs of commerce 
and the amount of new money created. 
 
Chas 
 
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