Economists have made Yglesias deliberately ignorant

Because economists can't get beyond their heteroskedacity, they fake it and cause ignorance in the minds of young children.  Here is Yglesias trying to equate hyperinflation with inflation  Hyperinflation occurs when the break happens between the money printers and the economy.  Economists never predict that break, because the defaulting link plans the break.  The particular firm, state or household, knows very well that the solutions have run out,and they keep it a secret until they can minimize the bad results of default.

As we speak, the governors of the three largest bankrupt states have thought processes going on, namely, how can they shift there burden suddenly to Congress.  Their plan is a secret, they are sometimes not even aware that they plot.  These governors plan within heteroskedacity, until they find a way to use it advantageously. Then we get hyperinflation, the endgame before default as Mish puts it.

Economist have been trying to make Keynes theory smooth, because it is the theory that assumes discontinuity in one partition, the private sector, and smoothness in a separate partition, government. In other words, it is fake, impossibly constructed.

Here, Kevin Drum falls for the same bullshit from Leonhardt.  Tell Leonhardt he can talk about hyperinflation when he presents a  macro theory on economies of scale.

So when does hyperinflation come? The three governors will make two or three more tries at solving the problem within their states, then they group together and present a take it or leave it proposal to Congress.  I go a little further, I expect five of the next level of states under stress will join the group, making a Fibonnaci quorum.

At that point we will edge into hyperinflation.  We likely will find a resolution, but the hyerinflation will be noticeable. I expect that when it occurs, it will be a sudden, single adjustment of prices, a down payment for ridding Congress of the Keynesian nonsense.