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This theory that you can sort of spend unlimited amounts in your own currency, absent catastrophic inflation.
After the catastrophic inflation of the Revolutionary War our first Treasury chief, Alexander Hamilton, made it a point to fix the dollar to the yellow metal (as well as to silver).
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Lucas Papademos, a former interim prime minister of Greece, said that Greece's departure from the euro zone would be catastrophic, pushing inflation in the country to as high as 50 percent, putting extreme stress on Greek banks and slashing living standards.
They point to Zimbabwe, where seizures of farms wrecked agriculture and triggered catastrophic hyper-inflation.
In the 1970s interest rates reached catastrophic levels as did inflation.
Instead, unhinging the dollar from gold gave us more than a decade of debilitating inflation, catastrophic increases in the price of oil and record-high interest rates.
Beyond that, too-low inflation is catastrophic in the euro context.
Catastrophic events such as inflation, political upheaval, or natural disasters may upset the economy of a contract.
Many analysts agree that a disorderly exit would be catastrophic for Greece, fuelling inflation and intensifying hardship as imports would rocket in price.
In the 1970s rates rose to catastrophic levels-and so did inflation.
In the 1970s interest rates reached catastrophic levels--as did inflation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com