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In Germany between the two world wars, inflation rose to such a point in the early '20s that a loaf of bread cost a million or more marks. Cities and townships printed their own money in a ...
Likewise, Thornton identifies the "stimulus" effect of printing excess money, including its harmful side-effect of what the Austrians would later call malinvestment, as one industry's exaggerated demand drew money or workers from other, potentially more important sectors.
The banking authorities, whether central or not, "monetize" the deficit, printing money to pay for the government's efforts to survive. The hyperinflation under the Chinese Nationalists from 1939 to 1945 is a classic example of a government printing money to pay civil war costs. By the end, currency was flown in over the Himalayas, and then old ...
A wildcat bank is broadly defined as one that prints more currency than it is capable of continuously redeeming in specie. A more specific definition, established by historian of economics Hugh Rockoff in the 1970s, applies the term to free banks whose notes were backed by overvalued securities – bonds which were valued at par by the state, but which had a market value below par. [2]
“And today it’s worth $2,000. Ever since then, I've been a gold nut.” ... We just can't keep printing more money to pay it off. And that's really the problem. We just keep printing money to ...
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Because more paper money was issued than what was taxed out of circulation, the currency depreciated in relation to the British pound sterling. The resultant inflation was harmful to merchants in Great Britain, who were forced to accept the depreciated currency from colonists for payment of debts.
Investors saw a slew of economic data on Tuesday, and in that data was a reading that wholesale inflation was under control. That should have put fears aside that inflation might tick up for a few ...