So what will the financial picture look like if the government runs the printing presses 24×7, the dollar loses value, and we have high inflation (due to each dollar having a lower value since there are more dollars)?

I think it will lead to stagflation – wages won’t increase much due to global competition, asset prices may stay the same (in nominal dollars) and commodity prices will likely hyperinflate. Am I right about this? Is that why gold prices are so high? A lot of people are expecting hyperinflation.

By the way, I read somewhere that the govt has stopped publishing some money supply (M3) figures. It makes you wonder WHY?