Parallels Between Weimar & USSubmitted by THE BULL LION on Fri, 10/19/2012 - 20:21
To the left, a medal commemorating Germany’s 1923 hyperinflation. The engraving reads: “On 1st November 1923 1 pound of bread cost 3 billion, 1 pound of meat: 36 billion, 1 glass of beer: 4 billion.” Man, I hope that this is not a forecast of parallels between Weimar & US. I will have to move away from microbeers.
The hyperinflation in Weimar Germany is a textbook example of what the US very realistically could one day face. The situation in which the US finds itself is very much similar to that of Germany after World War I. It, after all, was considered by the international community and the League of Nations – which the US did not join due to jingoism more than anything – a threat and had to foot the bill for damages for the war. This means Germany would have to continue paying down debt for the most massive World War in history.
Most people do not make this connection. They see only the monetary parallels between the two countries. But, the empire-building projects of both countries are very much at the forefront of what brought inflation and hyperinflation about.
Continue Reading Here: