Does Germanys 1923 Hyperinflation condemn government money?
NO! – In fact that occurred under a privately owned and privately controlled Reichsbank. Furthermore the hyperinflation began the very month that all German governmental influence on the bank was removed and placed in private hands at the insistence of the occupation forces. Furthermore Hjalmar Schacht tells us in his 1967 book The Magic of Money, that this private Reichsbank actually facilitated the hyperinflation by financing the speculators short sales of the mark. He didn’t mention these things in his 1928 book on the subject. Do you see the pattern that emerges from these monetary fiascos? And the American Greenbacks? Again this case does not stand scrutiny. $450 million were authorized and $450 million were printed. Counterfeiters could not duplicate the Greenbacks. Every Greenback was eventually exchangeable one for one with gold coin. The Greenbacks were our best money system to date. But Greenbacks were not promises to pay money later – they were the money. Since they were not
