Important article from Noah Smith. The people making policy quite simply have no idea how much spending (/borrowing) is too much. No one is in control.

Can someone who understands money explain this to me: - the USD was backed by gold, then oil, then economic growth; - If there is no growth & the US government keeps printing... - what prevents hyperinflation?

If inflation is not defined in a way that mirrors reality, we won't be able to see the warning signs. Are housing, education, and healthcare costs along with equity markets already warning us? CPI is chimera due to technological deflation/price suppression of inessentials.