Inflation of 50% a month for at least one month is the threshold at which a conventional inflation becomes a hyperinflation, judged economist Phillip Cagan in his 1956 study, “The Monetary Dynamics of Hyperinflation.” Though inflation is as old as money—or, at least, as old as governments tampering with money—hyperinflation is an affliction of the paper-money regimes of the 20th and 21st centuries. The debasement of the assignat during the French Revolution is the single exception to the rule, relates Peter Bernholz in “Monetary Regimes and Inflation.”

 Examples of hyperinflations include those in Germany in 1922-23, in Greece during the German occupation in World War II, in Hungary immediately following that war, in Latin America during the 1980s and in Zimbabwe during the first decade of the 21st century. “Hyperinflations are always caused by public budget deficits which are financed by money creation,” Bernholz concludes. “If inflation accelerates, these budget deficits tend to increase. . . .”

 In Greece in 1941, before the German occupation, a British sovereign—about one-quarter of an ounce of gold—was worth 1,200 Greek drachmas. In 1944, as the Germans hastily departed, a sovereign commanded 71 trillion drachmas.

 But Hungary takes the cake for the most extreme hyperinflation ever recorded. From July 1945 until August 1946, according to “The Hungarian Hyperinflation and Stabilization of 1945-46,” by William A. Bomberger and Gail E. Makinen (Journal of Political Economy, October 1983), “the price level rose by a factor of 3 X  1025. When stabilization was achieved on Aug. 1, exchange of old for new currency was at a rate of 400 octillion for one. This contrasts with the conversion rate in Germany’s famous hyperinflation of a trillion to one.”

Free Articles Associated with Hyperinflation

Feb 24, 2012: Greek monetary back story

While 21st century Greek fiscal and financial management may leave a little something to be desired, the record of German monetary stewardship in the Hellenic Republic is supremely worse. During Nazi occupation in World War II, Greece suffered famine, pestilence, wholesale killings and hyperinflation. The last-named plague is the topic at hand.

Center Section Explained

What the figures say is obvious enough. But what do they mean? Click for a guided tour of the statistics.

Online Resources

Herewith a selection of links to Websites that the Grant’s analysts favor.

Hand-Picked Grant's

What delights await a Grant’s subscriber? Read the free sampler of complete issues to find out.

What You'll Get...

  • Clear and unconventional thinking
  • Analysis both micro and macro
  • Ideas both long and short across a range of asset classes
  • 35+ years of archived material --yours to browse for free
  • Speculation about the future informed by knowledge of the past
  • Writing you’d read for pleasure alone.

Follow Grant's

You can now follow Grant's
on Twitter! @GrantsPub

Archives

Browse 35 years of Grant’s archives by topic or article.

Error Occurred While Processing Request The web site you are accessing has experienced an unexpected error.
Please contact the website administrator.


The following information is meant for the website developer for debugging purposes.
Error Occurred While Processing Request

Error Executing Database Query.

[Macromedia][SQLServer JDBC Driver][SQLServer]Invalid column name 'Name'.
 
The error occurred in C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm: line 68
Called from C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm: line 1
Called from E:/inetpub/wwwroot/grants2013/contentBlocks/cartoon.cfm: line 10
Called from E:/inetpub/wwwroot/grants2013/includes/sidebar.cfm: line 158
Called from e:/inetpub/wwwroot/grants2013/resources/definition-detail.cfm: line 223
Called from E:/inetpub/wwwroot/grants2013/includes/inc_campaignTemplate.cfm: line 4
Called from e:/inetpub/wwwroot/grants2013/404.cfm: line 222
Called from C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm: line 68
Called from C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm: line 1
Called from E:/inetpub/wwwroot/grants2013/contentBlocks/cartoon.cfm: line 10
Called from E:/inetpub/wwwroot/grants2013/includes/sidebar.cfm: line 158
Called from e:/inetpub/wwwroot/grants2013/resources/definition-detail.cfm: line 223
Called from E:/inetpub/wwwroot/grants2013/includes/inc_campaignTemplate.cfm: line 4
Called from e:/inetpub/wwwroot/grants2013/404.cfm: line 222
66 : 		AND regionID = #regionID#
67 : 		AND langID = #langID#
68 : 		#status#
69 : </CFQUERY>
70 : 

SQLSTATE   42S22
DATASOURCE   Grants
VENDORERRORCODE   207
SQL    SELECT nextschedule,type,description,sortorder FROM cmsContent2020 WITH(NOLOCK) WHERE Name = 'SEOPageTitle' AND ID = '/contentblocks/cartoon.cfm' AND regionID = 1 AND langID = 1 AND Status = 0
Resources:

Browser   CCBot/2.0 (https://commoncrawl.org/faq/)
Remote Address   3.236.108.61
Referrer  
Date/Time   04-Jul-20 06:22 PM
Stack Trace
at cfcms_V32ecfm607504366._factor7(C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm:68) at cfcms_V32ecfm607504366.runPage(C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm:1) at cfcartoon2ecfm991852267.runPage(E:/inetpub/wwwroot/grants2013/contentBlocks/cartoon.cfm:10) at cfsidebar2ecfm1968803614.runPage(E:/inetpub/wwwroot/grants2013/includes/sidebar.cfm:158) at cfdefinition2ddetail2ecfm799689510.runPage(e:/inetpub/wwwroot/grants2013/resources/definition-detail.cfm:223) at cfinc_campaignTemplate2ecfm954938142.runPage(E:/inetpub/wwwroot/grants2013/includes/inc_campaignTemplate.cfm:4) at cf4042ecfm923406845.runPage(e:/inetpub/wwwroot/grants2013/404.cfm:222) at cfcms_V32ecfm607504366._factor7(C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm:68) at cfcms_V32ecfm607504366.runPage(C:/ColdFusion2016/cfusion/CustomTags/cms_V3.cfm:1) at cfcartoon2ecfm991852267.runPage(E:/inetpub/wwwroot/grants2013/contentBlocks/cartoon.cfm:10) at cfsidebar2ecfm1968803614.runPage(E:/inetpub/wwwroot/grants2013/includes/sidebar.cfm:158) at cfdefinition2ddetail2ecfm799689510.runPage(e:/inetpub/wwwroot/grants2013/resources/definition-detail.cfm:223) at cfinc_campaignTemplate2ecfm954938142.runPage(E:/inetpub/wwwroot/grants2013/includes/inc_campaignTemplate.cfm:4) at cf4042ecfm923406845.runPage(e:/inetpub/wwwroot/grants2013/404.cfm:222)

java.sql.SQLSyntaxErrorException: [Macromedia][SQLServer JDBC Driver][SQLServer]Invalid column name 'Name'.
	at macromedia.jdbc.sqlserverbase.ddcw.b(Unknown Source)
	at macromedia.jdbc.sqlserverbase.ddcw.a(Unknown Source)
	at macromedia.jdbc.sqlserverbase.ddcv.b(Unknown Source)
	at macromedia.jdbc.sqlserverbase.ddcv.a(Unknown Source)
	at macromedia.jdbc.sqlserver.tds.ddr.v(Unknown Source)
	at macromedia.jdbc.sqlserver.tds.ddr.a(Unknown Source)
	at macromedia.jdbc.sqlserver.tds.ddr.c(Unknown Source)
	at macromedia.jdbc.sqlserver.dda4.m(Unknown Source)
	at macromedia.jdbc.sqlserverbase.dde7.e(Unknown Source)
	at macromedia.jdbc.sqlserverbase.dde7.a(Unknown Source)
	at macromedia.jdbc.sqlserverbase.dde7.x(Unknown Source)
	at macromedia.jdbc.sqlserverbase.dde7.t(Unknown Source)
	at macromedia.jdbc.sqlserverbase.dde7.execute(Unknown Source)
	at coldfusion.server.j2ee.sql.JRunStatement.execute(JRunStatement.java:359)
	at coldfusion.sql.Executive.executeQuery(Executive.java:1537)
	at coldfusion.sql.Executive.executeQuery(Executive.java:1287)
	at coldfusion.sql.Executive.executeQuery(Executive.java:1217)
	at coldfusion.sql.SqlImpl.execute(SqlImpl.java:406)
	at coldfusion.tagext.sql.QueryTag.executeQuery(QueryTag.java:1181)
	at coldfusion.tagext.sql.QueryTag.startQueryExecution(QueryTag.java:815)
	at coldfusion.tagext.sql.QueryTag.doEndTag(QueryTag.java:768)
	at cfcms_V32ecfm607504366._factor7(C:\ColdFusion2016\cfusion\CustomTags\cms_V3.cfm:68)
	at cfcms_V32ecfm607504366.runPage(C:\ColdFusion2016\cfusion\CustomTags\cms_V3.cfm:1)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.filter.CFVariablesScopeFilter.invoke(CFVariablesScopeFilter.java:56)
	at coldfusion.tagext.lang.ModuleTag.doStartTag(ModuleTag.java:332)
	at coldfusion.runtime.CfJspPage._emptyTcfTag(CfJspPage.java:3707)
	at cfcartoon2ecfm991852267.runPage(E:\inetpub\wwwroot\grants2013\contentBlocks\cartoon.cfm:10)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.tagext.lang.IncludeTag.handlePageInvoke(IncludeTag.java:737)
	at coldfusion.tagext.lang.IncludeTag.doStartTag(IncludeTag.java:573)
	at coldfusion.runtime.CfJspPage._emptyTcfTag(CfJspPage.java:3707)
	at cfsidebar2ecfm1968803614.runPage(E:\inetpub\wwwroot\grants2013\includes\sidebar.cfm:158)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.tagext.lang.IncludeTag.handlePageInvoke(IncludeTag.java:737)
	at coldfusion.tagext.lang.IncludeTag.doStartTag(IncludeTag.java:573)
	at coldfusion.runtime.CfJspPage._emptyTcfTag(CfJspPage.java:3707)
	at cfdefinition2ddetail2ecfm799689510.runPage(e:\inetpub\wwwroot\grants2013\resources\definition-detail.cfm:223)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.tagext.lang.IncludeTag.handlePageInvoke(IncludeTag.java:737)
	at coldfusion.tagext.lang.IncludeTag.doStartTag(IncludeTag.java:573)
	at coldfusion.runtime.CfJspPage._emptyTcfTag(CfJspPage.java:3707)
	at cfinc_campaignTemplate2ecfm954938142.runPage(E:\inetpub\wwwroot\grants2013\includes\inc_campaignTemplate.cfm:4)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.tagext.lang.IncludeTag.handlePageInvoke(IncludeTag.java:737)
	at coldfusion.tagext.lang.IncludeTag.doStartTag(IncludeTag.java:573)
	at coldfusion.runtime.CfJspPage._emptyTcfTag(CfJspPage.java:3707)
	at cf4042ecfm923406845.runPage(e:\inetpub\wwwroot\grants2013\404.cfm:222)
	at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java:254)
	at coldfusion.tagext.lang.IncludeTag.handlePageInvoke(IncludeTag.java:737)
	at coldfusion.tagext.lang.IncludeTag.doStartTag(IncludeTag.java:573)
	at coldfusion.filter.CfincludeFilter.invoke(CfincludeFilter.java:65)
	at coldfusion.filter.IpFilter.invoke(IpFilter.java:45)
	at coldfusion.filter.ApplicationFilter.invoke(ApplicationFilter.java:505)
	at coldfusion.filter.RequestMonitorFilter.invoke(RequestMonitorFilter.java:43)
	at coldfusion.filter.MonitoringFilter.invoke(MonitoringFilter.java:40)
	at coldfusion.filter.PathFilter.invoke(PathFilter.java:153)
	at coldfusion.filter.ExceptionFilter.invoke(ExceptionFilter.java:94)
	at coldfusion.filter.BrowserDebugFilter.invoke(BrowserDebugFilter.java:78)
	at coldfusion.filter.ClientScopePersistenceFilter.invoke(ClientScopePersistenceFilter.java:28)
	at coldfusion.filter.BrowserFilter.invoke(BrowserFilter.java:38)
	at coldfusion.filter.NoCacheFilter.invoke(NoCacheFilter.java:60)
	at coldfusion.filter.GlobalsFilter.invoke(GlobalsFilter.java:38)
	at coldfusion.filter.DatasourceFilter.invoke(DatasourceFilter.java:22)
	at coldfusion.filter.CachingFilter.invoke(CachingFilter.java:62)
	at coldfusion.CfmServlet.service(CfmServlet.java:223)
	at coldfusion.bootstrap.BootstrapServlet.service(BootstrapServlet.java:89)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:231)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:166)
	at coldfusion.monitor.event.MonitoringServletFilter.doFilter(MonitoringServletFilter.java:42)
	at coldfusion.bootstrap.BootstrapFilter.doFilter(BootstrapFilter.java:46)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:193)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:166)
	at org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:193)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:166)
	at com.seefusion.Filter.doFilter(Filter.java:109)
	at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:193)
	at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:166)
	at org.apache.catalina.core.StandardWrapperValve.invoke(StandardWrapperValve.java:199)
	at org.apache.catalina.core.StandardContextValve.invoke(StandardContextValve.java:96)
	at org.apache.catalina.authenticator.AuthenticatorBase.invoke(AuthenticatorBase.java:493)
	at org.apache.catalina.core.StandardHostValve.invoke(StandardHostValve.java:140)
	at org.apache.catalina.valves.ErrorReportValve.invoke(ErrorReportValve.java:81)
	at org.apache.catalina.valves.RemoteIpValve.invoke(RemoteIpValve.java:685)
	at org.apache.catalina.core.StandardEngineValve.invoke(StandardEngineValve.java:87)
	at com.seefusion.SeeFusionValve.invoke(SeeFusionValve.java:52)
	at org.apache.catalina.connector.CoyoteAdapter.service(CoyoteAdapter.java:355)
	at org.apache.coyote.ajp.AjpProcessor.service(AjpProcessor.java:510)
	at org.apache.coyote.AbstractProcessorLight.process(AbstractProcessorLight.java:66)
	at org.apache.coyote.AbstractProtocol$ConnectionHandler.process(AbstractProtocol.java:800)
	at org.apache.tomcat.util.net.NioEndpoint$SocketProcessor.doRun(NioEndpoint.java:1471)
	at org.apache.tomcat.util.net.SocketProcessorBase.run(SocketProcessorBase.java:49)
	at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1149)
	at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:624)
	at org.apache.tomcat.util.threads.TaskThread$WrappingRunnable.run(TaskThread.java:61)
	at java.lang.Thread.run(Thread.java:748)