{"id":44853,"date":"2019-03-28T12:09:48","date_gmt":"2019-03-28T17:09:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=44853"},"modified":"2019-03-28T12:09:53","modified_gmt":"2019-03-28T17:09:53","slug":"if-donald-trump-is-the-king-of-debt-these-guys-were-the-kings-of-inflation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=44853","title":{"rendered":"If Donald Trump is the King of Debt, these guys were the Kings of Inflation"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn.sovereignman.com\/wp-content\/uploads\/2019\/03\/inflationking.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.sovereignman.com\/trends\/if-donald-trump-is-the-king-of-debt-these-guys-were-the-kings-of-inflation-24843\/?utm_medium=email&amp;utm_source=sm_notes&amp;utm_campaign=notes&amp;utm_content=20190327_king_inflation\">If Donald Trump is the King of Debt, these guys were the Kings of Inflation<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Maximilian Bern had saved up 100,000 German marks for what should have been a modest, but comfortable retirement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But in 1923, he withdrew every last cent, and spent it all on one purchase: a subway ticket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He rode around his city one last time before returning home, and locking himself in his home, where he died.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He didn\u2019t kill himself.&nbsp;<em>He<\/em>&nbsp;<em>starved to death\u2026<\/em>&nbsp;simply because he could no longer afford food. A single egg at the market would cost millions of marks, more than Maximilian Bern had saved over his entire life.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This was one of the most famous episodes of hyperinflation, certainly in modern history.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the wake of World War One, Germany (known as the Weimar Republic) was completely broke.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The War to end all Wars had bankrupted them; and on top of losing the war, Germany was forced to make \u2018reparation payments\u2019 to the victors, including France, the UK, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That took Germany\u2019s overall war debt to impossible levels. So in a feeble attempt to keep the economy afloat and meet its war debt obligations, the German government printed massive amounts of paper money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to World War I, one US dollar was worth 4.2 German marks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By 1923, a single US dollar was worth 4.2 TRILLION marks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve seen this in our own lifetime&nbsp;<a href=\"https:\/\/www.sovereignman.com\/trends\/meanwhile-over-in-zimbabwe-20772\/\" target=\"_blank\" rel=\"noreferrer noopener\">in places like Zimbabwe<\/a>, and now Venezuela.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I remember the first time I went to Venezuela the official exchange rate was four bolivars to the US dollar\u2014and the black market rate was eight to one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If Donald Trump is the King of Debt, these guys were the Kings of Inflation Maximilian Bern had saved up 100,000 German marks for what should have been a modest, but comfortable retirement. But in 1923, he withdrew every last cent, and spent it all on one purchase: a subway ticket. He rode around his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,7844,7312,7313,9698],"class_list":["post-44853","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-donald-trump","tag-simon-black","tag-sovereign-man","tag-weimar-republic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44853"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44853\/revisions"}],"predecessor-version":[{"id":44854,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44853\/revisions\/44854"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}