Armstrong is a smart guy.

The thing of it is, it is all relative. There is nothing tying the dollar to anything of real value. It is completely "fiat". And since all currencies are floating there is nothing to link currencies to real world value. The things that really matter to people, like food, real estate, cars, IPods, etc.

So Armstrong may very well be correct. But the point may become moot if the McDonalds value menu costs a hundred dollars each in a few years.

We have never had monetary inflation of this scale on a worldwide basis before. We have never had the entire world (all at once) be based entirely on fiat currencies before. 

It will be "interesting" in a way like the Chinese curse, "May you live in interesting times".

We are in uncharted waters. Predicting the outcome with any certainty is futile.

John