Friedman mentions Germany post-WWI as an example of extreme inflation. The German hyperinflation is often cited as a contributing cause for the rise of Hitler.

Friedman mentions Germany post-WWI as an example of extreme inflation. The German hyperinflation is often cited as a contributing cause for the rise of Hitler. However, Germany was well into deflation, to the tune of -9%, by the time that Hitler became Chancellor. The German hyperinflation turned out to be... transitory, lasting just 2 years from 1921 to 1923: https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_R... Credit for ending the hyperinflation is usually given to the introduction of the "Rentenmark," a currency "backed" by land. https://en.wikipedia.org/wiki/Rentenmark https://en.wikipedia.org/wiki/Rentenmark Yet this idea has not been challenged to the extent that it should be. How does the introduction of another currency scheme cure inflation? And in such a dramatic manner? Is it possible that inflation, rather than being a monetary phenomenon as Friedman famously asserted, is actually a psychological phenomenon?