Excerpt from Paper Money by "Adam Smith," (George J.W. Goodman), pp. 57-62. Before World War I Germany was a prosperous country, with a gold-backed currency, expanding industry, and world leadership ...

HYPERINFLATION is among the worst catastrophes that can befall an economy. It can destroy output and destabilise societies. The hoarding of real assets, such as property and precious metals, wrecks ...

Norbert Schulze was not yet born when the hyperinflation of the 1920s deeply scarred the German psyche. But he still remembers the Reichsmark notes denominated in millions and billions that years ...

Germany, as is well known now, had a hyperinflation from 1919 to 1923. At the end, the mark was worth one trillionth of its original value. Afterwards, the new German mark was pegged to gold, at its ...