For a detailed account of the descent of an entire country into despair and barbarism read Adam Fergusson’s When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany.
First published in 1975, republished in 2010, and made available through the Mises Institute, When Money Dies should dispel the notion that the rule of men is superior to the rule of law. Why “the rule of law”? Because it was the violation of the rule of law by governments themselves that supplanted the peaceful, liberal order of a gold-based international monetary system with one in which central banks, at governments’ behest, could print fiduciary media without limit.
The full implication of this change was seen in Weimar Germany, the German people’s first experiment with representative democracy, where civilized society fell victim to the evils of the monetary printing press. For all practical purposes, the German mark was not worth the paper upon which it was printed. Eventually the Reichsbank issued the largest denomination note ever printed in the history of the world, a one-hundred-trillion-mark note, which no one would accept for payment. Be very careful if you believe that it can’t happen today.
(Read more from mises.org)
Great reference, but the question we ask is did Roman take a course under Patrick Barron? Is he going to be Roman’s mentor for a graduate degree? Inquiring minds want to know…
Ed K
I audited his course while I was teaching at U. Iowa.