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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: Wade who wrote (12380)12/8/2009 1:16:43 AM
From: Wade   of 48092
 
marketskeptics.com

Sunday, December 28, 2008
What life looks like during hyperinflation
by Eric deCarbonnel

Here is an extract from Paper Money by "Adam Smith," covering Germany's hyperinflation in 1923. While the article doesn't explore the reasons behind the hyperinflation, it does offer a good account of what life looks like during hyperinflation.

...more

In 1923, at the most fevered moment of the German hyperinflation, the exchange rate between the dollar and the Mark was one trillion Marks to one dollar, and a wheelbarrow full of money would not even buy a newspaper. Most Germans were taken by surprise by the financial tornado.

"My father was a lawyer," says Walter Levy, an internationally known German-born oil consultant in New York, "and he had taken out an insurance policy in 1903, and every month he had made the payments faithfully. It was a 20-year policy, and when it came due, he cashed it in and bought a single loaf of bread." The Berlin publisher Leopold Ullstein wrote that an American visitor tipped their cook one dollar. The family convened, and it was decided that a trust fund should be set up in a Berlin bank with the cook as beneficiary, the bank to administer and invest the dollar. [this story has to be a joke… right?]
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