History of Hyperinflation

On the latest episode of Minor Issues, Mark Thornton revisits the history—and present risk—of hyperinflation. Mark explains the threshold that defines hyperinflation, why measuring prices under chaos is hard (yet still revealing), and how the social damage mirrors war: savings vaporize, capital is destroyed, and civic trust collapses. He closes with practical takeaways: why gold and silver often move first as “fire alarms” and why studying past episodes builds the psychological and analytical readiness to face low-probability, high-impact events.

“The Road to Hyperinflation“ (Minor Issues, Episode 136): https://mises.org/MI_136

“The Gold-Silver Ratio“ (Minor Issues, Episode 119): https://mises.org/MI_119

“On Hyperinflation: New Evidence from Zambia, the Central African Franc Zone, and Belarus” by Steve H. Hanke and Nicole Saade (World Economics Journal, December 2025): https://mises.org/MI_157_A

“Hyperinflation and the Destruction of Human Personality” by Joseph T. Salerno (lecture): https://mises.org/MI_157_B 

“Hyperinflation and The Destruction of Human Personality” by Joseph T. Salerno (Studia Humana, 2013): https://mises.org/MI_157_C

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