Free Republic
Browse · Search
General/Chat
Topics · Post Article

Spain's Financial System on the Verge of Collapse or Speculators Are Exaggerating Banks Vulnerability
95 posted on 06/17/2010 9:52:52 AM PDT by Errant
[ Post Reply | Private Reply | To 91 | View Replies ]


To: Errant
Exerpt from: http://www.marketoracle.co.uk/Article20363.html

To give you an idea about what a hyperinflation looks like, here are some excerpts from The Nightmare German Inflation:

By 1923, the wildest inflation in history was raging. Often prices doubled in a few hours. A wild stampede developed to buy goods and get rid of money. By late 1923 it took 200 billion marks to buy a loaf of bread….Millions of the hard-working, thrifty German people found that their life's savings would not buy a postage stamp. They were penniless….By mid-1923 workers were being paid as often as three times a day. Their wives would meet them, take the money and rush to the shops to exchange it for goods. However, by this time, more and more often, shops were empty. Storekeepers could not obtain goods or could not do business fast enough to protect their cash receipts. Farmers refused to bring produce into the city in return for worthless paper. Food riots broke out. Parties of workers marched into the countryside to dig up vegetables and to loot the farms. Businesses started to close down and unemployment suddenly soared. The economy was collapsing….Meanwhile, middle-class people who depended on any sort of fixed income found themselves destitute. They sold furniture, clothing, jewelry and works of art to buy food. Little shops became crowded with such merchandise. Hospitals, literary and art societies, charitable and religious institutions closed down as their funds disappeared.

96 posted on 06/17/2010 10:00:39 AM PDT by Errant
[ Post Reply | Private Reply | To 95 | View Replies ]

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson