White Papers | February 15, 2013

Hyperinflations, Hysteria, and False Memories

Executive Summary

In this paper I’d like to turn to a subject that has long fascinated me: hyperinflations. My interest in hyperinflations stems not from my background as an economist, but rather from a small collection of bank notes that my father gave to me. (A peculiar benefit of his smoking habit – bank notes were used as an incentive to purchase cigarettes.) Included in this collection is a one million mark note from the Weimar Republic; it is this note that is responsible for my interest in hyperinflations. To this day I collect bank notes from hyperinflations. The notes shown in the body of this paper come from my collection and serve as decorative reminders of important historical hyperinflations.

Download article here.

Register for full access to GMO's Research

Please enter a valid email address

Please enter First Name

Please enter Last Name

Please enter Company

Investor Type Required

Country Required

State is required

* Indicates required field