“Shortly after we took this family photo in 1951, Dad decided to buy a second home in Brazil, where we experienced the worst inflation of the 20th Century. One day, the president announced an appeal to patriotism — ‘gold for Brazil.’ All loyal citizens were asked to collect any gold they had in their home and donate it to the government. Later, when inflation surpassed an annual rate of 2,000 percent, the government got so desperate it didn’t bother making public appeals. It summarily announced that everyone’s bank accounts were frozen and everyone’s savings were confiscated.”
http://www.moneyandmarkets.com/the-worst-inflation-in-my-lifetime-51073
Related posts:
The Myth of Scandinavian Socialism
Anthony Wile: Sit Silently ... as Bombs Burst in Air
Profiles in Pork
Sticky Thoughts: The Market, Not The Government, Gave Us Super Glue
Happy Tax Freedom Day?
Stop Cops' Carjacking
Welcome to Post-Constitution America
Senior Italian parliament economist on Ludwig von Mises and the current economic crisis
IMF Historian Whitewashes The Soviet Spy Career Of The Fund's Founder
Take Steps Today To Say "Adieu" Tomorrow
America’s real divide: The political class, and the rest of us
Live Like You're Free
Is America Too Big?
The Latest Bubble to Pop: Mortgage Refinancings
Carlo Ponzi, Alias Uncle Sam