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WHEN a nation's money is no longer a source of security, and when inflation has become the concern of an entire people, it is natural to turn for information and guidance to the history of other societies who have already undergone this most tragic and upsetting of human experiences.Yet to survey the great array of literature of all kinds economic, military, social, historic, political, and biographical which deals with the fortunes of the defeated Central Powers after the First World War is to discover one particular shortage. Either the economic analyses of thetimes (for reasons best known to economists who sometimes tend to think that inflations are deliberate acts of fiscal policy) have ignored the human element, to say nothing in the case of theWeimar Republic and of post-revolutionary Austria of the military and political elements; or the historical accounts, though of impressive erudition and insight, have overlooked or at leastmuch underestimated inflation as one of the most powerful engines of the upheavals which they narrate.
The Day the Dollar Died
The first 12 hours of a U.S. dollar collapse!
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