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I have been in South America this week, speaking nine times in five days interspersed with lots of meetings. The conversation kept coming back to the prospects for the dollar, but I was just as interested in talking with money managers and business people who had experienced the hyperinflation of Argentina and Brazil. How could such a thing happen? As it turned out, I was reading a rather remarkable book that addressed that question. There are those who believe that the United States is headed for hyperinflation because of our large and growing government fiscal deficit and the massive future liabilities (as much as $56 trillion) for Medicare and Social Security.

This week, we will look at the Argentinean experience and ask ourselves whether 'it' - hyperinflation - can happen here.