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The Morning According to Us

By Chris Sprow

Friday, April 3, 2009

After World War I, European leaders gathered to discuss repayment terms. After all, they reasoned, the Germans had caused a pretty serious economic headache by dragging the continent into war, and they needed to pay everybody back. And since Germany was now on the hook for a lot of cash, sie Deutsch went about creating it. The solution? Fire up the printers! Problem is, the Germans printed so much currency that the basic tenet of economics—scarcity creates value—was lost. The joke ...

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