June 17, 2008

Great inflation


Саяханаас уншиж эхэлсэн "The coming of the Third Reich" ийм нэг хэсэг оллоо.

In November 1921 Germans who wanted to buy a US Dollar had to pay 263 marks for it, and by July 1922 the cost had almost doubled again, to 493 marks. In August 1922 it took over 1 000marks to buy a US Dollar, 3 000 in October and 7000 in December.

Anyone who wanted to buy a dollar in January 1923 had to pay over 17 000marks for it, in April 24 000, in July 353 000.

This was hyperinflation on a truly staggering scale, and dollar rate in marks for the rest of the year is best expressed in numbers that soon became longer than anything found even in telephone directory; 4 621 000in August 1923; 98 860 000 in September; 4 200 000 000 000 in December. (рефренц нь байна) At its height, the hyperinflation seemed terrifying. Most lost its meaning almost completely. Printing presses were unable to keep up with the need to produce banknotes of ever more astronomical denominations, and municipalities began to their own emergency money, using one side of paper only.

Гэхдээ энэ нь бүүр Black Tuesday-нээс бүүр өмнө байгаан. Хэрэв эдийн засаг хүн байвал яагаад ийм явдал болсныг тайлбарлаж өгөөч.

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