January 01, 2018 Monday
Bedtime Story
Hyper-inflationary Episodes
Tonight I would like to list out all or at
least most of the major and notable hyper-inflationary episodes that took place
in the known world history.
Thankfully there have not been that many
and hence it won’t be a very long list:
(a) Rome during the Crisis of the Third
Century (235 to 284 AD)
(b) Austria in 1922
(c) China the first user of fiat currency
(in 1000 AD)
Fiat currency is any currency that has been
declared a legal tender by its government but that which is not backed by any
physical commodity such as gold or silver.
Thus it lacks any intrinsic value and
principally a medium of exchange.
The opposite counterparts to fiat currency
are either commodity money or representative money.
I shall skip their definitions for
now.
(d) France during the French Revolution as
we were already discussing
(e) Weimar Republic (Germany) in 1922 that
got Hitler into power
(f) Greece in 1941 when it was invaded by
Germany and Italy
(g) Hungary in 1919
(h) North Korea in 2009
(i) Poland in 1923 during the World War I
and then in 1980s
(j) Philippines during World War II
(k) British Malaya during World War II
(l) Soviet Union both during its inception
in 1917 following Bolshevik Revolution and during its demise in 1991
(m) Yugoslavia in 1990s
(n) Zimbabwe starting in 1998
It is very interesting that South Asia is
conspicuous by its absence from the list.
Let us now go back to the French Revolution
where we saw that even after the overthrow of monarchy and disappointments with
Committee of Public Safety and Directory, France was still in a terrible
economic and political plight.
The French Revolution gave a Corsican born
military general by the name of Napoleon Bonaparte an opportunity to organize a
successful bloodless coup d’état against the Directory in 1799.
He replaced this Directory with the French
Consulate and later the French Empire.
Now Napoleon had a tough task at hand.
France was still waging several wars.
Stay tuned to the voice of an average story storytelling
chimpanzee or login at http://panarrans.blogspot.com
Good night mon ami and my fellow cousin ape.
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Another great educator and a teacher that I am aware of is
Professor Subhashish Chattopadhyay in Bangalore, India.
While I narrate stories, Professor Subhashish an electronic engineer
and a former professor at BARC, does and teaches real mathematics and physics.
He started the participation of Indian students at the
International Physics Olympiad.
Do visit him here:
All his books can be downloaded for free through this link:
For edutainment and English education of your children, I
recommend this large collection of Halloween Songs for Kids:
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