A couple of things about Japan. They've had 5 recessions int he last 20 years. 5.
japan also does not force time off like is done in both Europe and the US. Leading to of course, higher per capita GDP.
Give this guy a read. japan is a curious case, and there currency floats. Will the US face a similar outcome? We dont know. 10 million yen for a gumball.
Japan also had booms too, probably those booms happened to fast or they tried to force it, similar to the Fed, but with less success of the fed.
The reason I use Japan as the example, test case, weird, anaomoly, whatever we want to call it, is that they went through similar circumstances to 2008, but on a much larger scale.
You ask, if the US will face a similar outcome?
I say no, but Japan is a perfect example of what could happen. I see Japan as what america would be if the US dollar fails, or there is another catostrophic event due to unseen consequences.
But paying 10 million dollars for a gaollon of milk, is possible, but I do not think so. Brazil had a similar situation sometime ago, but is now one of the fastest growing economies in the world today.
I guess my point is, fiat currency or not. Fail or not. Long term, everything will be ok. Yeah, we may have to pay more or lose some value on our dollar, but to think it will all collapse is where we differ.
Now we just need smart people making decisions, and unseen consequences should be part of the planning of such decisions.