The economic disadvantages of fiat currency are well known and well discussed amongst financial commentators who understand the problems in our monetary system. These include: What is not discussed quite so widely is the social harm caused by fiat currency. The steady debasement of our currency is a transfer of wealth from savers and wage […]
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A financial crisis caused the French Revolution when the debt laden state, in political gridlock, abandoned sound money for one of the world’s most destructive paper money experiments. This act triggered a chain of events that unleashed revolutionary forces that led to the downfall of the monarchy and a complete restructuring of French society and
In 1992, hyperinflation in Russia peaked at 2,318%. When the Soviet Union collapsed in 1991, the successor state of Russia was in an economic shambles. In 1985 the Soviet Union had been a global superpower, second only to the United States. Since 1917 she had embarked on a unique path, with a command economy based
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The Weimar hyperinflation of 1923 has become the poster child for hyperinflation horror stories. It was one of the world’s worst periods of hyperinflation and unleashed financial, political and social chaos on the German nation. It resulted in the initial crash and subsequent speculative bubble in the stock market, the destruction of the currency and
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