Key Takeaways The history of fiat currency failure reveals a very predictable pattern. The government starts with a small issue of paper money, thinking that they will just use it the once. Then they use it a second time. Then another and another, and another. Soon they are addicted. The government eventually prints too much, […]
A Short History of Fiat Currency Failures: 9 Currencies That Have Collapsed Read More »
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
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 society and
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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