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6min chapter
Tooze and Klein on China's Economic History and Future
ChinaTalk
Inflation Is a Monetary Phenomenon, but Not All Monetary Phenomena Are Inflationary
Inflation is always an, everywhere, a monetary phenomenon. But it's also true that not all monetary phenomena are inflationry. And even in a situation where you have a massively esculating m issuance by a highly stressed state, you don't necessarily get a smooth, straight line escalation in prices at all. In fact, in the vima inflation and also in the chinese one, there are moments where people are hoarding the currency in the expectation of a future stabilization. So this actually sustains the nationalists in the first phase of the war against china. People will hold the nationalist currency through to about 39 forty. The news of the terrifying japanese advances over the winter
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