History shows us a long list of fiat currency disasters.
Currency CrisesGerman Papiermark: After World War I, the German government printed massive quantities of the Papiermark to pay for war debts and cover the cost of reparations demanded by the Allied powers. This led to a sharp increase in the money supply, which in turn caused extreme hyperinflation and widespread poverty. From August 1922 to December 1923, consumer prices in Germany doubled (on average) every 3.70 days.
Hungarian Pengő: In 1946, Hungary experienced the worst hyperinflation ever recorded. World War II destroyed much of the nation’s infrastructure, forcing the government to excessively print money and take on high levels of public debt. This expansionary monetary policy soon led to economic collapse. To keep up with hyperinflation, Hungary’s government printed bills worth 100,000,000,000,000,000,000 (one hundred quintillion) pengő. Hungary soon introduced a new currency, the forint, which was directly convertible to gold.
Yugoslav Dinar: The dinar plummeted in value in the mid-1990s, particularly during the Croatian War of Independence and the Bosnian War. The government cranked up the money printer to fund military operations and to pay for federal expenses, leading to an oversupply of the currency. According to the Hanke-Krus World Hyperinflation Table, hyperinflation peaked at 313 million percent in January 1994.
Zimbabwean Dollar: In the early 2000s, the Zimbabwean government expanded the money supply to fund various programs such as land reform and economic development. From March 2007 to November 2008, the nation experienced an equivalent daily inflation rate of 98% percent, reducing the Zimbabwean dollar to a worthless piece of paper.
The Venezuelan Bolivar (2018), Argentine Peso/Austral (1989), Chinese Yuan (1949), Greek Drachma (1944), Peruvian Inti (1988), Russian Ruble (1992), Angolan Kwanza (1996), and Turkish Lira (2022) all share similar stories.
But why? Has money always been this unstable?
Hungarian Pengő: In 1946, Hungary experienced the worst hyperinflation ever recorded. World War II destroyed much of the nation’s infrastructure, forcing the government to excessively print money and take on high levels of public debt. This expansionary monetary policy soon led to economic collapse. To keep up with hyperinflation, Hungary’s government printed bills worth 100,000,000,000,000,000,000 (one hundred quintillion) pengő. Hungary soon introduced a new currency, the forint, which was directly convertible to gold.
Yugoslav Dinar: The dinar plummeted in value in the mid-1990s, particularly during the Croatian War of Independence and the Bosnian War. The government cranked up the money printer to fund military operations and to pay for federal expenses, leading to an oversupply of the currency. According to the Hanke-Krus World Hyperinflation Table, hyperinflation peaked at 313 million percent in January 1994.
Zimbabwean Dollar: In the early 2000s, the Zimbabwean government expanded the money supply to fund various programs such as land reform and economic development. From March 2007 to November 2008, the nation experienced an equivalent daily inflation rate of 98% percent, reducing the Zimbabwean dollar to a worthless piece of paper.
The Venezuelan Bolivar (2018), Argentine Peso/Austral (1989), Chinese Yuan (1949), Greek Drachma (1944), Peruvian Inti (1988), Russian Ruble (1992), Angolan Kwanza (1996), and Turkish Lira (2022) all share similar stories.
But why? Has money always been this unstable?
Characteristics of Money
The answer is no.
It is important to remember that money itself never fails. Money is a concept that allows economies to evolve beyond the barter system. If a good can be adopted as a medium of exchange, unit of account, and store of value, it can serve as money.
The answer is no.
It is important to remember that money itself never fails. Money is a concept that allows economies to evolve beyond the barter system. If a good can be adopted as a medium of exchange, unit of account, and store of value, it can serve as money.
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Less than 3% of the population own gold or silver!
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