<p>One of the world&#8217;s largest and most influential hedge funds is warning that &#8220;dishonest&#8221; policymakers have set the world on the path to potentially the worst period of hyperinflation in modern history, which could result in &#8220;societal collapse.&#8221;</p>
<p>Elliott Management, a Florida-based firm founded by billionaire Paul Singer, said in a letter this week that an extraordinary set of rash policies during the coronavirus pandemic have “made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period.”</p>
<p>“Investors should not assume they have ‘seen everything’” just because they&#8217;ve lived through numerous other financial crises, the letter said, according to the <a href="https://www.ft.com/content/f3bb0f96-1816-4481-8318-4f7583326a4a" target="_blank" rel="noopener">Financial Times</a>, the idea that “‘we will not panic because we have seen this before’ does not comport with the current facts.”</p>
<p>The letter said that &#8220;dishonest&#8221; policymakers have lied about the causes of inflation, blaming supply chain issues rather than reckless monetary policies due to the pandemic.</p>
<p>One example of this is the Democrats passing President Joe Biden&#8217;s $1.9 trillion American Rescue Plan, which even a top Democrat economist <a href="https://thehill.com/policy/finance/544188-larry-summers-blasts-least-responsible-economic-policy-in-40-years/" target="_blank" rel="noopener">said</a> was the “least responsible” economic policy in 40 years. Left-wing Vox <a href="https://www.vox.com/policy-and-politics/2022/10/17/23401726/inflation-stimulus-american-rescue-plan">conceded</a> that many economists &#8220;agree that the stimulus law did worsen inflation by giving people more money to spend.&#8221;</p>
<p>The letter warned that the world is “on the path to hyperinflation” and that skyrocketing inflation rates could cause “global societal collapse and civil or international strife.&#8221;</p>
<p>The letter warned that the “frightening and seriously negative possibilities” that exist make it so that experiencing a 50% market drop is now a realistic possibility.</p>
<p>White House Chief of Staff Ron Klain continued to claim this week that the U.S. was not in the midst of a recession, even though the country had experienced two quarters of contraction and high inflation rates which have rattled the confidence of consumers despite an <a href="https://www.dailywire.com/news/relying-on-credit-cards-to-pay-basic-bills-reading-between-the-lines-on-bidens-rosy-economic-outlook" target="_blank" rel="noopener">increase</a> in <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economic</a> output during the third quarter.</p>
<p>“We are not in a recession. I want to be really, really clear on that,” Klain asserted. “The economy is growing, it is strong, it is creating jobs.”</p>
<p>Polls <a href="https://www.dailywire.com/news/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy" target="_blank" rel="noopener">consistently reveal</a> that voters have their eyes on the economy and inflation more than other issues, with Republicans leading Democrats by a double-digit margin concerning trust in handling the economy. Although members of the former party criticize the Biden administration and progressive lawmakers for <a href="https://www.dailywire.com/news/biden-economic-czar-claims-white-house-is-reducing-the-budget-deficit" target="_blank" rel="noopener">deficit spending</a> even while restricting <a href="https://www.dailywire.com/news/biden-administration-severely-cuts-back-on-oil-and-gas-leases" target="_blank" rel="noopener">energy production</a>, members of the latter party claim that their expenditures are meant to decrease the <a href="https://www.dailywire.com/news/biden-signs-740-billion-inflation-reduction-act" target="_blank" rel="noopener">cost of living</a> for households.</p>
<p>Voters nevertheless hold the commander-in-chief responsible for the lackluster economy. In a recent <a href="https://www.dailywire.com/news/americans-who-have-worse-finances-since-biden-was-elected-overwhelmingly-blame-democrats" target="_blank" rel="noopener">survey</a> from Bankrate, roughly 43% of respondents reported that their finances are worse than two years ago. Among those who reported worse finances, 69% placed “at least a moderate amount of blame” on Biden, while 71% placed blame on Democrats in Congress and a smaller but still salient 54% blamed Republicans in Congress. Although 93% of Republicans with lower financial prospects said Biden is to blame, a considerable 30% of Democrats agreed.</p>
<p><em>Ben Zeisloft contributed to this report. </em></p>

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Top Hedge Fund Firm: ‘Dishonest’ Officials Set World On Path To ‘Hyperinflation,’ ‘Societal Collapse’ Possible