– March 11, 2011
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“Just before the First World War in 1913, the German mark, the British Shilling, the French franc, and the Italian lira were all worth about the same, and four or five of any were worth about a dollar. At the end of 1923, it would have been possible to exchange a shilling, a franc or a lira for up to 1,000,000,000,000 marks, although in practice by then no one was willing to take marks in return for anything. The mark was dead, one million-millionth of its former self. It had taken almost ten years to die.” Get it here.

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany
Adam Fergusson
New York, NY: William Kimber & Co, Ltd., 1975.

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Tom Duncan

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