You also seem to ignore that Obama has overseen dramatic slashing of the budget deficit.
Remember S&P's bitching about our credit rating a while back, essentially saying that Tea Party Republicans are so obstructionist that S&P doubts Congress's ability to achieve a debt/deficit deal? Here's a headline from last month:
"S&P says shrinking U.S. deficit boosts debt outlook"
So, so many things would happen before, as you put it, "total societal collapse."
Inflation is stable at ~2%, and has been for years. Hyperinflation is 20%+, I'd say. Bernanke actually said that a healthy inflation rate is a bit higher than the one we currently have. It would actually be more advantageous for the US government to achieve higher inflation rates, because the cost of our debt would shrink in real dollar terms.
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