You got to love Germans. They love history, just not the lessons it offers. Here we go again. Third time in a 100 years.
JUST IN - Germany's ruling coalition has agreed to spend €65 billion on a new "inflation relief" package. Scholz promises welfare state will shield Germany from turmoil
A quick refresher course: If it wasn’t for politicians and central bankers finding it impossible to resist either using currency as a tool for economic management or simply as a source of funding government spending, the distinction between money, which evolved into gold through market forces, and currency, always a creature of the state, might not matter.
But the British economist John Maynard Keynes, quoting Lenin said: “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million is able to diagnose.”
Germany's 1923 Hyperinflation: A "Private" Affair by Stephen Zarlenga
Modern monetary economists define hyperinflation as any inflation rate above 50 percent per year. In the 1920s, Germany had inflation rates in the thousands of percent.
Far too many German marks were being created under the privately controlled Reichsbank. Exactly how, will be discussed shortly. These excessive issues drove down the value of the mark:
By July 1922, the German mark fell to 300 marks for $1; in November it was at 9,000 to $1; by January 1923 it was at 49,000 to $1; by July 1923, it was at 1,100,000 to $1. It reached 2.5 trillion marks to $1 in mid-November 1923, varying from city to city.
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