Here’s a great chart from the Cato Institute, which depicts 56 cases of hyperinflation in modern times. Hungary wins the prize for having the highest monthly inflation rate of 4.19 X 1016% -that’s 41,900,000,000,000,000% or 41.9 QUADRILLION PERCENT.
I think one of the more interesting points in the table is the time required for prices to double. Can you imagine the price of food doubling ever day? How about every 15 hours?
Many people who don’t understand the concept of sound money say you can’t eat gold. In fact, in just about every discussion on the internet concerning monetary collapse, there is always at least one troll saying you can’t eat gold. Guess what: you can’t eat paper money, stocks, or ETFs either. But I bet if you live in Zimbabwe, you can get a lot of eggs for a silver coin. And the next week, you can buy the same amount of eggs for a silver coin. However, if you’re using Zimbabwe dollars, you might need an extra wheelbarrow of paper dollars to buy the same amount of eggs you purchased the week before.
Thank goodness the central bank of Zimbabwe printed one-hundred trillion dollar bills, so Zimbabweans no longer have to carry their money in barrels, like the Germans did in 1923.
On the other hand, the Germans could use their worthless, paper money to keep the kids entertained…
…or heat their homes.
Note, by the way, that when speaking of the German case of hyperinflation between June 1921 and January 1924, Germany is often referred to as the Weimar Republic. To clarify: The Weimar Republic was not some obscure neighbor or German annex; the Weimar Republic was in fact Germany. The Weimar Republic is simply a name historians use to indicate a point in time (in 1919) when Germany changed its form of government.