In the past few years the world and the U.S. in particular has seen no shortage of economic near-collapses, boondoggles, scandals, ponzi schemes, and 'bail outs'. But before we examine the next disaster fast approaching and experience the ensuing nausea that is likely to come from knowing about it, it would help us first to just review what the definition of hyperinflation is so that all else that follows goes down easier - so to speak.

Here's how Wikipedia defines it:

"In economics, hyperinflation is inflation that is very high or "out of control". While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases rapidly as the functional or internal currency, as opposed to a foreign currency, loses its real value very quickly, normally at an accelerating rate.[1] Definitions used vary from one provided by the International Accounting Standards Board, which describes it as "a cumulative inflation rate over three years approaching 100% (26% per annum compounded for three years in a row)", to Cagan's (1956) "inflation exceeding 50% a month." [2] As a rule of thumb, normal monthly and annual low inflation and deflation are reported per month, while under hyperinflation the general price level could rise by 5 or 10% or even much more every day.

A vicious circle is created in which more and more inflation is created with each iteration of the ever increasing money printing cycle. Hyperinflation becomes visible when there is an unchecked increase in the money supply (see hyperinflation in Zimbabwe) usually accompanied by a widespread unwillingness on the part of the local population to hold the hyperinflationary money for more than the time needed to trade it for something non-monetary to avoid further loss of real value. Hyperinflation is often associated with wars (or their aftermath), currency meltdowns, political or social upheavals, or aggressive bidding on currency exchanges."

Transcript and sources can be found here.

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Despite the Republican rhetoric of "jobs jobs jobs," the country is stunningly lacking them. We knew it was bad, but the latest US Unemployment Report, released Friday, proves that we are in the worst slump since the 1930s. This puts it in perspective:

About 6.2 million Americans, 45.1 percent of all unemployed workers in this country, have been jobless for more than six months - a higher percentage than during the Great Depression...

Here's another problem: more than 1 million of the long-term unemployed have run out of unemployment benefits, leaving them without the money to get new training, buy new clothes, or even get to job interviews.

International bankers have reportedly wasted billions of dollars invested by Libyan leader Colonel Gaddafi. The Financial Times says giants like Goldman Sachs were dealing with the dictator's investments when it needed to plug a hole during the economic crisis. Most of the money has been lost, but with what's going on in Libya any repayment seems unlikely.

The great writer Kurt Vonnegut titled his final book A Man without a Country. He was the man; the country was the United States of America. Vonnegut felt that his country had disappeared right under his - and the Constitution's - feet, through what he called "the sleaziest, low-comedy Keystone Cops-style coup d'état imaginable." He was talking about the Bush administration. Were Vonnegut still alive in the post-Bush era, he would not have felt that his country had returned.

How had our country disappeared? Vonnegut proposed that among the contributing factors was that it had been invaded - as if by the Martians - by people with a particularly frightening mental illness. People with this illness were termed psychopaths. (The term nowadays is anti-social personality disorder.) These are terms for people who are smart, personable, and engaging, but who have no consciences. They are not guided by a sense of right or wrong. They seem to be unaffected by the feelings of others, including feelings of distress caused by their actions. Straying from a decent way of treating people, or violating ethical codes causes no anxiety, the anxiety which is what causes the rest of us to moderate our more greedy impulses. If most children feel anxiety when they are pilfering the forbidden cookie jar, psychopaths feel just fine. They can devour the cookies, shatter the jar as evidence and stuff it in the trash can. When accused, they can argue with apparent sincerity that the cookie jar has been missing for at least a week. They suffer no remorse, no guilt, no shame. They are free to do anything, no matter how harmful.

"The technologies that are promoted by the Gates Foundation in Africa are not farmer-friendly or environmentally friendly. Some of them have not been tested fully to determine their effects on the environment and consumers. African farmers are seeking food sovereignty, not imposed unhealthy foods and GMOs!" - Kenyan farmer and director of the Grow Biointensive Agricultural Center of Kenya (G-BIACK), Samuel Nderitu

Seattle, Washington - On the public opening day of the new Bill and Melinda Gates Foundation campus in Seattle, local activists called attention to the negative aspects of the Foundation's agricultural development efforts in Africa. Although farmers, activists, and civil society organizations throughout Africa and the US have pointed to fundamental problems with the programs of the Foundation and its subsidiary, the Alliance for a Green Revolution in Africa (AGRA), the Foundation has been non-responsive to these concerns

Majdal Shams, Golan Heights - Israeli troops opened fire on Sunday at Palestinian protesters in Syria who rushed toward a border fence and Syrian state television said six demonstrators were killed.

"Anyone who tries to cross the border will be killed," Israeli soldiers shouted at the crowd of several hundred through loudspeakers on the Israeli-occupied Golan Heights.

Sunday marked the 44th anniversary of the 1967 Middle East war and Israel had been on alert for a repetition of last month's storming by thousands of Palestinian protesters of Israel's frontiers with Syria and Lebanon.

Rawang - As a new bride, 22-year-old Ummu Atirah believes she knows the secret to a blissful marriage: obey her husband and ensure he is sexually satisfied.

Ummu and some 800 other Muslim women in Malaysia are members of the "Obedient Wives Club" that is generating controversy in one of the most modern and progressive Muslim-majority nations, where many Muslim Malaysian women hold high posts in the government and corporate world.

Credited with sabotaging Iran's nuclear programme and overseeing a string of high-level assassinations in the Middle East, recently retired Mossad chief Meir Dagan has levelled his sights on a surprising new target - Israel's top leaders.

In a series of remarks in recent weeks, the man who headed Israel's vaunted espionage agency for eight years has let it be known that he has no confidence in the leadership of Prime Minister Benjamin Netanyahu and Defence Minister Ehud Barak.

According to Yediot Ahronot he regards them as "reckless and irresponsible individuals" capable of undertaking dangerous military adventures such as a strike against Iran's nuclear facilities.

"If our forefathers dreamt of an Israeli passport to escape from Europe, there are many among us who are now dreaming of a second passport to escape to Europe." -- Gideon Levy

Today it is estimated that 70%. Israelis had approached or intended to approach a foreign embassy to inquire about or apply for citizenship and a passport. Approximately 200,000 or 22% of Russians coming to Israel since 1990 have so far returned to their country. Jews who come to Israel "want to make sure that they have the possibility of an alternative to return whence they came."Israelis seeking a European passport, based on their family roots, just in case."

Perhaps historians or cultural anthropologists surveying the course of human events can identify for us a land, in addition to Palestine, where such a large percentage of a recently arrived colonial population prepared to exercise their right to depart, while many more, with actual millennial roots but victims of ethnic cleansing, prepared to exercise their right of Return.

One of the many ironies inherent in the 19th century Zionist colonial enterprise in Palestine is the fact that this increasingly fraying project was billed for most of the 20th century as a haven in the Middle East for "returning" persecuted European Jews. But today, in the 21st century, it is Europe that is increasingly being viewed by a large number of the illegal occupiers of Palestinian land as the much desired haven for returning Middle Eastern Jews.