Adam Fergusson’s sobering historical analysis of Weimar-era hyperinflation in Germany is a must-read. Ryan McMaken and I discuss the book in the context of today’s economy and modern central bank depredations. No, Versailles alone does not account for Hitler, but war and inflationism always go hand in hand. Had Germany maintained its 1/3 gold reserve requirement, its expansionary belligerence may well have been contained.

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