Overnight News: If America was already broke, and now it’s half-again more broke – then what?

Yesterday, I noted that, “One third of all American dollars are less than a year old.” What’s the implication?

Since the quantity of available economic goods doesn’t change much, from year to year, it is reasonable to suppose that soon the dollar will have lost around a third of its purchasing power.

Hard to measure right now, with the “market basket” so COVID-skewed, but we have massively increased the amount of money chasing goods, so we should expect to see prices of everything rise to meet that “inflated” demand.

Under Trump, economic output was surging everywhere, tempering his complete lack of fiscal temperance. We know the opposite will be true under China Joe, so the inflationary sugar high is likely to have an ugly hangover.

The teeny tiny filigree on fiat money that no one ever reads says this, over and over again: “Hell is to have been paid.” Bank on that.

In other news:

Joel Pollak: San Francisco ‘Feels Like a Tomb’ as Companies Embrace ‘Work from Home’.

John Hinderaker: Why has Texas gone dark?.

Thomas Lifson: Dems introduce legislation to kill the gig economy, destroy millions of jobs.

John Daniel Davidson: Mitch McConnell Doesn’t Care If The Election Was Tainted, But You Should.

Matt Vespa: An Emerging and Tragic Side Effect of COVID Has Hit San Francisco.

Steven Malanga: The Amazon Effect: The Internet giant has been a key driver of job growth and productivity during the pandemic, but unionization efforts could undermine its e-commerce model.