"The economics of disaster commence when the holders of money wealth revolt. It is as simple as that. The government has little or nothing to say or do about it…They do not fly flags or demonstrate in the streets to express their revolt; they simply get rid of their money…The duller the holders of money wealth are, the longer the government can go on storing up inflation but, by the same token, the more cataclysmic must the eventual dam burst be. The Germans [of the early 1920s] were among the dullest and most disciplined of all holders of money wealth, and this alone permitted the government to build up so huge a pool of unrealized inflation before the burst." – Jens O. Parsson, Dying of Money: Lessons of the Great German and American Inflations
Jim’s Quote of the Day:
