Sowing Fear World War I and the Seeds of Hyperinflation

The current debt crisis in Europe evokes painful memories of the German hyperinflation. Price increases began with the start of World War I in 1914 and ended in disaster in 1923. The event still influences sentiment about monetary policy in the country today.
Inflation in action: This photo shows a German mark note from 1923 with a printed value of 20 million. During hyperinflation, it was stamped to become 2 billion marks.

Inflation in action: This photo shows a German mark note from 1923 with a printed value of 20 million. During hyperinflation, it was stamped to become 2 billion marks.

Foto: Koch/ picture-alliance / dpa
Translated from the German by Christopher Sultan