![]() But we need not worry about this, because modern central banks-especially the US Federal Reserve and the European Central Bank-have tamed inflation through sheer technocratic expertise and a willingness to use extraordinary monetary policy tools. Yes, Venezuela and arguably Turkey face currency crises today. ![]() Sure, there have been currency meltdowns since the two world wars in places like Yugoslavia, Zimbabwe, Bulgaria, and Argentina. ![]() In our overwhelming material abundance, aided by the natural deflationary pressures of markets, we simply have lost our ability to imagine a hyperinflationary scenario. And almost a century after the stark lessons of 1923 Germany, the West is convinced it can't happen here. Money is seldom discussed in schools, popular media, or politics. ![]() Ours is a nation willfully lacking in knowledge and understanding of money a cynic might think this lack of apprehension is by design. When Money Dies, Adam Fergusson's cautionary account of hyperinflation in Weimar-era Germany, is the book Americans desperately need to read today. ![]()
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