The road ahead seems to be set in stone, and in a society that has been sold the idea that "printing currency units is a panacea to all problems" for nearly 45 years, doing the opposite is an invitation to get lynched. It is near certain that Kevin Warsh would go down in history as the Fed Chair who presided over the demise of the dollar. Perhaps as infamous as Gideon Gono, who presided over the Zimbabwean dollar's hyperinflation.

Can anything be done at this point to prevent the imminent demise of the dollar? Of course, yes, and the advice would be no different from what the then Treasury Secretary Andrew Mellon suggested to Herbert Hoover in 1929: "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. It will purge the rottenness out of the system".

Of course, Hoover ignored Mellon's sensible advice and turned what ought to have been a short, severe recession into the prolonged Great Depression of 1929 to 1946. Hoover pursued the most interventionist policies after the 1929 stock market crash, though by the standards set by subsequent U.S. presidents, Hoover might appear like a Laissez-faire Economist. Forget the Federal Reserve or the US Treasury, we don't have an Andrew Mellon anywhere in the US administration today. The one Republican in the House of Representatives who understands these issues is Thomas Massie, and Trump is desperately trying to get him defeated in the primary. Not that one person can make a difference in the grand scheme of things. But this suggests that Trump is likely to adopt a policy framework equivalent to "Hoover on steroids". Given the problems and the likely solution that would be pursued, the end result cannot be anything other than a high-inflationary economic depression.