This is quite possible. This is what happened in Germany in the ’30s. It took a million marks to buy a loaf of bread. Then an Austrian by the name of Hitler took over the worlds leading democracy and turned it into a dictatorship.
The same thing could happen today, we have an Austrian named Schwartznagger as Governer who people want to run for President. It comes eerily close to history repeating itself (tongue in cheek).