There’s this, though. The Chinese have not been pumping currency into their system like we have. At some point there’s bound to be a reality check: the gold in Fort Knox is trivial compared to the gazillions of U.S. dollars in circulation or held abroad. The only thing backing our currency is the widely held sense that if and when you go to spend a dollar, there will be something of value for sale at a sensible price. It could be a new-model Boeing jetliner, tons of corn or beef, or sweet, new, gotta-have software. Whatever.

As the money supply growth rate outpaces the supply of goods and services available, something’s gotta give.