“When combined with war, inflations tear apart the human community. One example is the Great Chinese Inflation of the 1930s and 1940s. Indeed, the destruction of the Chinese monetary system during this period helped Mao Zedong’s communist movement to triumph on the Chinese mainland in 1949. In the nineteenth and early twentieth centuries, Imperial and then Republican China had no central bank. The monetary system was based on a diverse network of private banks operating in the various regions of the country. While copper was widely used in coins, the primary medium of exchange was silver, and the entire Chinese economy functioned on an informal silver standard.”
Related posts:
The Police State Mindset in Our Public Schools
Why College Football Will Be Dead Within 20 Years
The worst place in the world to start a business
Bill Bonner: Too Busy to Read Ben Graham? Do This Instead…
Memory's Half-Life: A Social History of Wiretaps
Robert Ringer: Handling Change
Let’s Make America Free Again: We’re Walking a Dangerous Road
Oligarchies Masquerading as Democracies
Lew Rockwell: Speaking Truth to Monetary Power
Zoning’s Racist Roots Still Bear Fruit
Those "Inexplicable" Paris Attacks
A Commissarina Rises: Wendy J. Olson's Reign of Terror
FATCA: a Tool of the Electronic Surveillance State
Syria and Second Passports
Paul Rosenberg: The Internet Is Being Slaughtered in the Back Room