正文
Workers have no bargaining power in a service/retail economy based onimports. It would be impossible for wages to keep up withhyperinflation of prices.
Would the US resort to giving everyonefree money and causing real Weimar-type hyperinflation for a few monthsjust to pay a minuscule part of their debts?
Why?
Theworld's guns were aimed at war-weakened Weimar Germany demanding thatthey pay up or else. When they refused, France went in and took overtheir most productive factories and mines.
Germany had no choicebut to print marks and pay their debts. Their aversion to a communistrevolution also impelled them to subsidize workers wages (and evennon-workers) enough to keep up with the hyperinflation in prices.
Thishyperinflation lasted from January to November 1923 when a new currencywas introduced. Deflation ensued. Pensions disappeared. People werethrown out into the streets.
Germany defaulted on their debts anyway.
Would the US resort to giving everyonefree money and causing real Weimar-type hyperinflation for a few monthsjust to pay a minuscule part of their debts?
Why?
Theworld's guns were aimed at war-weakened Weimar Germany demanding thatthey pay up or else. When they refused, France went in and took overtheir most productive factories and mines.
Germany had no choicebut to print marks and pay their debts. Their aversion to a communistrevolution also impelled them to subsidize workers wages (and evennon-workers) enough to keep up with the hyperinflation in prices.
Thishyperinflation lasted from January to November 1923 when a new currencywas introduced. Deflation ensued. Pensions disappeared. People werethrown out into the streets.
Germany defaulted on their debts anyway.
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