Inflation

Inflation is back. Billions spent by the state to deal with the coronavirus, energy policy transformation and the historical turning point or >Zeitenwende< are driving currency devaluation. After a long phase of price stability, is a similar danger looming as was the case 100 years ago? Inflation was and still is not just a practical financial topic, but also a highly emotional one. It leads to declining confidence in the state and its ability to maintain order – with all of its negative consequences. Klaus-Wilhelm Hornberg vividly describes an exciting chapter in German history, from inflation=s creeping emergence during the First World War to the hyperinflation of 1922/23. Documents and accounts by contemporary witnesses illustrate the social consequences. There are parallels to the present day, but also clear differences. What lessons can be learned from history?