The story of the Weimar hyperinflation is a familiar one. But do you know what the rentenmark was and how it worked? Germany, like the other European powers, suspended the gold standard at the outbreak of World War One in 1914, abandoning the goldmark for the papiermark. By losing the war she suffered a greater […]
There are times in history where the government reluctantly accepts that state money has failed and the market’s money has proven superior. One such example was in the Ming Dynasty and silver. The government had initially banned silver and decreed that the citizens should use devaluing paper currency. Unfortunately for the authorities, the citizens continued
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There is a lot to learn from the inflation in Rome that ravaged the empire towards the end. It is a cautionary tale and one that we can draw many insights from. It’s quite natural that we might look at the story of the inflation in Rome and draw comparisons to our American dominated world
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Key Takeaways A financial crisis caused the French Revolution when the debt laden state, in political gridlock, abandoned sound money for one of the world’s most destructive paper money experiments. This act triggered a chain of events that unleashed revolutionary forces that led to the downfall of the monarchy and a complete restructuring of French
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In 1992, hyperinflation in Russia peaked at 2,318%. When the Soviet Union collapsed in 1991, the successor state of Russia was in an economic shambles. In 1985 the Soviet Union had been a global superpower, second only to the United States. Since 1917 she had embarked on a unique path, with a command economy based
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The Weimar hyperinflation of 1923 has become the poster child for hyperinflation horror stories. It was one of the world’s worst periods of hyperinflation and unleashed financial, political and social chaos on the German nation. It resulted in the initial crash and subsequent speculative bubble in the stock market, the destruction of the currency and
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