World's Worst Hyperinflations
Hyperinflation is when a government (or other entity) increases a money supply by creating more money, yet can't shrink and equalize the money supply through taxes or interest rates. Let's see so who the worst violators of this are.
Germany (1922-1923)
Inflation: 29,500%
Rank: 4
After Germany's defeat in WWI, the Weimar republic was already in heavy debt for funding its war effort, and now had to pay reparations. The Reichsbank printed more money to deal with these debts which led the way for banker ownage of Germany and the rise of Hitler as a solution. In October 1923, the prices increased by 20% every 3.7 days.
Greece (1941-1945)
Inflation: 13,800%
Rank: 5
Greece was in deficit into WWII, and then the Axis powers invaded and took over production of the country for their army. National income was already down, taxes were down, there was no way to pay for the deficit and supply the Axis army of 400 000 soldiers, other than to print more money. In October 1944, the prices increased by 18% every 4.3 days.
Hungary (1945-1946)
Inflation: 4.19×10^16% or 41,900,000,000,000,000%
Rank: 1
Hungary was on the losing side after WWI, and had some high rising inflation with money printing. After being on the losing side again after WWII, it was forced to pay reparations, and it's monetary policy was turned over to the Soviets. In 1 year in communist management, Hungary's currency was devalued the most out of any in recorded history. In July 1946, prices when up by 207% every 15 hours.
Yugoslavia (1992-1994)
Inflation: 3.13×10^8% or 313,000,000%
Rank: 3
After the split up of Soviet Russia, Yugoslavia retained much of it's former communist bureaucracy which kept sucking away at the taxes and also not solving any problems. They printed more money to try to solve their deficits. In January 1994, the inflation was going up by 64% ever 1.4 days.
Zimbabwe (2007-2008)
Inflation: 7.96×10^10% or 79,600,000,000%
Rank: 2
Socialist land grabs by Mugabe had people leaving, along with being involved in Congo's civil war, meant reduced tax revenue with increased expenditures. The food production plummeted under new ownership and so too did the economy. Mugabe just printed more and more money to deal with his failures. The inflation had already started in the lat 1990's, picked up more in the mid 2000'2 but reached its highest madness in less than a 2 year period. In November 2008, prices went up 98% every 24.7 hours.
Honorable mentions:
Austria, with 129% inflation.
China, with 5,070% inflation.
USSR, with 213% inflation.
Note that all of these country's inflation policies were brought about through the aftermath of wars, or simply socialist/communistic governments as is the case with the last 3 honorable mentions.
The future looks more and more socialistic. Smells like some hyperinflation is coming for the world.
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Author: Kris Nelson / @krnel
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Date: 2016-10-10, 10:01am EST
You will be able to add Venezuela shortly.
why wait?
what's the REAL rate of inflation in the US?
Incalculable, given the fact there's an artificial prop-up of demand for the dollar. It's going to be at least as bad as Russia after the Soviet Union's collapse, if not much worse.
That's what I think too, with much the same results.
Texit.
Very good post!
Thanks for sharing. I was under the mistaken impression that post WWI Germany was the worst which is completely wrong! Thanks for correcting me. I wasn't even aware of Hungary being so high in the rankings in the 1940s. I knew about Zimbabwe and Yugoslavia but I didn't realise they were so bad vs the German example that we often see photos of.
Nah, that's right. 1923 is post WWI.
Did I misread your post. I thought Hungary was the worst? Germany was no. 4.
LOL... nope... sorry... I'm the one who misread your comment. I thought you were saying you thought the post had WWII Germany as the worst for Germany because you said you were wrong about WWI. I didn't realize how it applied more accurately towards the topic of the post. Thanks for the feedback. :)
OK yes I was referring to all those images we see of pre -WWII Germany in the 1920s with people using sacks of money to buy bread and the like. It gives the impression that was the WORST hyperinflation of all time but as your post suggests there have been worse instances since.
When the state steals the citizens savings
Nice read, I knew about Germany, Hungary, and Zimbabwe but had no idea of the others. Inflation really isn't bad as long as the money is distributed evenly, I see it as more of a pain in the ass.
It doesn't matter if the money is distributed evenly; that just makes everything evenly worthless. Inflation of fiat destroys savings and encourages reckless spending and debt accumulation.
Inflation and deflation can affect no one, they can affect a few, or they can affect the majority, but they can never affect the whole negatively.
If we both have 100$ and we both get another 100$ what has changed? Nothing ratio is still the same. Inflation is not negative nor is deflation.
That's why I specified inflation of fiat currency. Inflation in that regard happens to monetize debt, which creates the negative externalities I mentioned. If a supply of money increases because more money is added to the system, that is inflation as well, but as you pointed out, it is not negative.
Ahh got cha, I wouldn't so much say fiat as I would say the current legal tender that's being passed as currency these days. Technically everything is fiat, but now I'm just getting esoteric.
Makes sense what you said though sorry I don't look at fiat the same anymore, I just completely glanced over that, you'll see me use legal tender when referencing legal currency now a days, just habitual but I couldn't agree more with you now that I've reread it. In the public democracies today, at least in all spawns of the Uk, inflation is one of the leading factors to the massive poverty gaps that have formed as well as the devaluation and blah blah on and on.
These topics tend to become quite repetitive, and after watching year after year thinking "nah people are gonna wake up, any day now" the excitement kinda goes away and you realize you're basically stuck in a system that's rigged, being kept there because most are complacently ok with it and even talking like I am now gets you labeled as a conspiracy theorist or crazy when in reality I'm discussing the current fuck of a monetary system that exists today. All math, all verifiable.
But I'm just ranting away here on steemit lol, sounds like you're quite familiar with money so I'm sure you're well aware of how it works and I can just shut up now. 😄
Sorry I missed the substance of what you said before.
No worries. It's easy to gloss over things, especially when we become accustomed to the same non-argument being hurled at us every single time. Like I read somewhere else, the best thing any of us can do when engaging with each other on conceptual issues is to clearly define terms first, so now that we've crossed that hurdle, we've discovered we are essentially in agreement. Awesome isn't it, when rational discourse prevails? :D
I'm turning in for the night. Have a great day/evening (depending where you are), and keep on Steering!
I really enjoyed our discussion, gonna give you a follow. Thanks for the spurring intellectual conversation.
I couldn't agree more in defining terms and removing ambiguity, I've caught myself arguing a few times with someone until I ask, "wait what's the definition of this word", once that's out of the way it turns out we actually agree and what we're actually debating is the definition itself and what it means to each of us individually.
Again good convo, thank you.
My pleasure, sir! Thanks for the follow, and I'm adding you to my list as well.