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Blame it on Gutenberg?

November 16, 2013 in Economics

By Thorsten Polleit


As I explained in my Mises Daily article on Friday, on 15 November 1923, German hyperinflation was finally brought to a halt. That was 90 years ago.

This image is titled: “Gutenberg and the billion press”.

The subtitle is: “I never intended this”.

It is taken from the German satirical magazine Simplicissimus, 1923.

It was put out after the terrible and devastating experience with paper money – over which a central bank, the Reichsbank, had full control.

The truth value of the image is unchanged, though, it seems: If you put into place a machine with the capacity to churn out new money without any limit, the machine will do exactly this – like today’s central banks!

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