In Iceland the bankers were told to stuff it. In Weimar Germany they resorted to the printing press. Which model will modern day Greece follow?It seems that the words Weimar Germany and Hyperinflation are almost synonymous. The Weimar Republic (Das Weimarer Republik in German) is the name of the democratic government which was established in 1919 when Germany was defeated in WWI and Emperor Wilhelm II abdicated the throne. The problem came from the War repairations that were foisted upon Germany by the winners and the growing internal unrest which was allowing the Nazi's to gain a foothold. In an effort to pay their debts, promote full employment, and fight back against growing competitive … [Read more...]
Hyperinflation in Weimar Germany vs. The U.S. Now
Postcards From Weimar Germany Justice Litle, Editorial Director, Taipan Publishing Group Monday, September 20, 2010 The Weimar Republic is perhaps the quintessential example of hyperinflation. But the buildup took longer than one might think. Walter Levy is a German-born oil consultant. His father, a German lawyer, took out a life insurance policy in 1903. Every month he had made the payments faithfully," recounts Levy. "It was a twenty-year policy, and when it came due, he cashed it in and bought a single loaf of bread. Such was life in the German Weimar Republic. Things got so bad there for a while, dentists and doctors stopped asking for currency, seeking … [Read more...]
