Russia Defaults on Foreign Debt for First Time Since 1918

[Wednesdays]

24. And if hyperinflation becomes like it was in Germany in 1923,

Rubles won't be even worth the paper it's printed on!



Here's a 20-million mark bank note from the time. In 1918, it would have bought 80 million loaves of bread.

In 1922, it would have bought 7 million loaves.

On New Year's Day 1923, it would have bought 40,000 loaves.

At the end of the month, it would have bought 28,500 loaves.

By July 1923, it would have bought 200 loaves.

In September, it would have bought two-thirds of a loaf.

In October 1923, it would have bought one two-hundredth of a loaf.

In November, it would have bought .0002 of a loaf.