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Germany suffered intense hyperinflation of its currency—the Mark—in the years after World War I. The Weimar Republic in Germany resorted to printing money to pay its bills. The Great Depression's onset created the social turmoil that Adolf Hitler took advantage of in his rise to power. Robert Shiller described the connection this way in a National Bureau of Economic Research 1996, Working Paper:
"A fact that is probably little known to young people today, even in Germany, is that the final collapse of the Mark in 1923, the time when the Mark's inflation reached astronomical levels (inflation of 35,974.9% in November 1923 alone, for an annual rate that month of 4.69 × 1028%), came in the same month as did Hitler's Beer Hall Putsch, his Nazi Party's armed attempt to overthrow the German government. This failed putsch resulted in Hitler's imprisonment, at which time he wrote his book, Mein Kampf, setting forth an inspirational plan for Germany's future, suggesting plans for world domination. Most people in Germany today probably do not clearly remember these events; this lack of attention may be because its memory is blurred by the more dramatic events that succeeded it (the Nazi seizure of power and World War II). However, to someone living through these historical events in sequence. [the putsch] may have been remembered as vivid evidence of the potential effects of inflation."
What if inflation could be solved through bitcoin adoption?
Implications of widespread bitcoin adoption include:
Higher Education
Today, higher education can be free. If you have a curious, driven individual, they can learn anything they want with an internet connection. Something most of us believe costs a small fortune, but it no longer should. We built massive universities to keep the inflation going at all costs because if it started to crumble, society would be able to see what was there all along. Smoke and mirrors.
Global Warming
Employment
Sources
Podcast: We Study Billionaires Episode 330: Bitcoin & A Deflationary World
The Price of Tomorrow by Jeff Booth
Khan Academy Video: Induction to Inflation
Forbes Article: Bitcoin vs Inflation by Roger Huang
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