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Hyperinflation crises always have to do with trying to inflate to pay debts that cannot be inflated away, be it because they debt is itself inflation-indexed (a relatively recent but dangerous development) or because it is denominated in foreign currency.

Hm, does the French revolution inflation and the US revolution inflation fit this pattern? My assumption would be that the weakness of the states caused it, and rightfully so as fiat money backed by a defeated state in general becomes worthless.

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by A swedish kind of death on Sun Jun 5th, 2011 at 01:14:53 PM EST
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