You are very much right in thinking this. I lived through collapse and dissolution of one state, civil war, disintegration, and (belated) birth of a new state,

You are very much right in thinking this. I lived through collapse and dissolution of one state, civil war, disintegration, and (belated) birth of a new state, with its own currency. The monetary aspect (hyperinflation in the old, change of currency in the new) is only a small part of that. You are correct - in that scenario, there are other things to tend to, more urgent. I also witnessed that gold did not replace the collapsing currency. Other, non-collapsing currencies took on that role. USD is safe and sound for as long US is safe and sound. The fiat currency is creation of the state. In collapse, I'd say causality goes 99% state->fiat. Only a small (2nd or 3rd order) effect in the opposite direction. For the parent - "Hyperinflation – It’s More Than Just a Monetary Phenomenon" by pragcap.com https://www.pragcap.com/hyperinflation-its-more-than-just-a-monetary-phenomenon/ https://www.pragcap.com/hyperinflation-its-more-than-just-a-... reads right for me. Even general inflation (= increase in P/y) does not necessarily follow from the exchange equation (M V = P y) and money growth (M). There are other possibilities too, examples discussed in https://www.forbes.com/sites/johntharvey/2011/05/14/money-growth-does-not-cause-inflation/ https://www.forbes.com/sites/johntharvey/2011/05/14/money-gr.... To end on a more upbeat note: I also witnessed the hyperinflation tamed, the economy booming, without seemingly much effort and in short period of time. Looking back, I think the most important part is the right diagnosis: where is it coming from. Otherwise the cures end up worsening the disease.