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Hyperinflation and general subsequent economic destruction was actually a great equalizer, in Europe at least. Many big fortunes were obliterated, but the avera
by phreeza 5y ago
Hyperinflation and general subsequent economic destruction was actually a great equalizer, in Europe at least. Many big fortunes were obliterated, but the average worker living paycheck to paycheck was not really much worse off.
Trying to find the source for this, i think it was Piketty in Capital in the 21st century.
- vmception 5y agoThe differences between then and now are very important too: Now we have continental monetary unions, with transcontinental coordinated monetary policy, spearheaded by diplomatic relations as well as alumni from the same institutions implementing the monetary policy in every union. Every major currency is increasing in supply similar proportions, masking imbalances and largely preventing the possibility of capital flight as there is no alternative for the size of capital that would need to find a new home. So all thats left are just assets, at any price.