kingworldnews.com/ October 12, 2013
Today KWN is pleased to share an absolutely brilliant piece about the incredible destructiveness of hyperinflation from 50-year veteran Art Cashin. Cashin, Director of Floor Operations at UBS ($650 billion under management), not only writes about the incredible destructiveness of hyperinflation to a country, but also to its people.
By Art Cashin Director of Floor Operations at UBS
October 12 (King World News) – “Originally, on this day in 1922, the German Central Bank and the German Treasury took an inevitable step in a process which had begun with their previous effort to “jump start” a stagnant economy. Many months earlier they had decided that what was needed was easier money. Their initial efforts brought little response. So, using the governmental “more is better” theory they simply created more and more money.
But economic stagnation continued and so did the money growth. They kept making money more available. No reaction. Then, suddenly prices began to explode unbelievably (but, perversely, not business activity).
Thanks to BrotherJohnF