BankWars: Weimar Hyperinflation Episode 3
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- Опубліковано 25 сер 2024
- In this video, the third in the series on the Weimar Hyperinflation, we’re going to take a look at the effects of inflation in 1919, the election that took place, the revolutionary violence, and compare the beginnings of the inflation in Germany with those of other countries in Europe, such as Austria and Russia. We’re going to answer the question: was the Weimar Republic weak? And we’re also going to hear the story of how one man single-handedly saved Austria from a Bolshevik Revolution. This is BankWars: The Weimar Hyperinflation, Episode 3. For the other videos in this series, check out this playlist: • BankWars: Weimar Hyper...
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ABOUT TIK 📝
History isn’t as boring as some people think, and my goal is to get people talking about it. I also want to dispel the myths and distortions that ruin our perception of the past by asking a simple question - “But is this really the case?”. I have a 2:1 Degree in History and a passion for early 20th Century conflicts (mainly WW2). I’m therefore approaching this like I would an academic essay. Lots of sources, quotes, references and so on. Only the truth will do.
This video is discussing events or concepts that are academic, educational and historical in nature. This video is for informational purposes and was created so we may better understand the past and learn from the mistakes others have made.
Unlike paper currency, all of this is pure gold!
Funny you should mention that. This supposed distinction between "money" & "currency" doesn't even need to be introduced here. The premise was that over-printing of the currency caused the hyper-inflation. Well, yeah, but wouldn't the same thing have happened with gold-backed currency?
Quick: how much gold=backed money does or did any nation have at any one time? It doesn't matter. If you printed more than production could satisfy, you'd still have all the same conditions that were caused by over-printing the currency. In times of shortage, good luck getting the gold anyone said they would redeem you with when needed. You can't eat gold.
This is all a distinction without a difference. Distributed wrongly, money _OR_ currency are equal.
Also, the Roman Empire managed to get its own hyperinflation under Diocletian. Rome had a gold-based economy, and fomented an increase in the money supply by mixing gold with less desired metals. The fact I'm using hyperinflation to describe this should tell you how well this went. As Austrians will tell you, gold isn't special. Increasing the money supply is. Gold is not immune, rather the opposite. It's just a commodity with a long association with money.
Oops, I falsely claimed Rome's currency was based on gold. It was of course the silver _denarius._ And debasement was already well advanced under Marcus Aurelius. Oh dear.
@@tibfulv
Well if there is only a finite amount of gold or silver, there can only be a finite amount of money and currency.
The problem, simply, is interest, which is money that has to be created.
Which is why Usury is the major problem.
Anyway Diocletian thought he was a God, so he had an excuse for being an idiot :)
@@choosecarefully408 if the gold standard isn’t abused like America unfortunately did back in the 1920’s. Then u won’t have to worry about a run on the Thaler or any other currency that’s backed by gold or silver. And I’m willing to bet my bottom thaler that many Venezuelans would’ve liked to have a couple ounces of gold instead of keeping their savings in soon to b worthless bolivars. True u can’t eat gold, but fiat currency is far worse. At least with gold, u can tell when ur coins r being devalued. When they put more copper and less gold in the coins u use. When it’s fiat, it takes a while for the average joe to figure out his currency is being devalued. Since each banknote looks the same.
"The Soviet Union had collapsed into a Communist Paradise" Hahaha
Yeah that one cracked me up too :-)
I'll admit, for me, your political/social/economical series are far more engaging and fascinating. Not that your Battlestorm series are any less brilliant of course :) but I am always hyped for BankWars!
In a year or so since I have started watching your videos TIK, I have learned far more than 12 bloody long years of schooling ever did.
As always, keep up the great work. Salutations from Iran.
It's funny how much you learn when you leave school. I'm not saying school is unnecessary just I found once I started watching some videos and reading some books on topics the topics were rounded out past the narrative taught. Even then I'm not saying one book changes history but if a bunch of different writers start coming up with similar stories from differing perspectives it might be closer to the truth then a bland timeline of events. Even then am Author is only as good as the source material they have or personal agenda.
Of course! Why would the state teach something that would scrutinize and jeopardize its authority? Lol.
It's called Red Pilling. But at a Sociology and Economic level rather than say your trust in media/state. ie you learn you can not trust anyone of authority including your academics you taught you in school. I'm kind of glad that my Composition II professor, she said "Never view you professors as being smarter than yourself, most of them are no dumber than you." She was an ex US Marine so she had a sassy but welcoming attitude in my opinion towards her fellow staff.
@@Alte.Kameraden Interesting you mention a professor being an ex Marine saying it. When I was young Vietnam started getting more movies made about it and that era like Platoon and such. I used to wonder why vets always came home and joined protest. I was young and didn't understand who knew a situation better the vets or the media. One knows how it feels/is the other is trying to get you to feel a certain way about it.
@@12q8 I don't know if it's 100% that in all cases. I've read books that kept a narrative but fleshed out the story a little more. I view almost everything that doesn't come from my personal thoughts as propaganda in one way or another though. No way "9 out of 10 Dentist choose Crest" over something else unless they weren't offered something better or rewarded for that opinion.
In German history class, even in the 00ies, all we learned about Weimar was that: 1) It's Democracy was bad because too many parties and thus failed (which essentially translates into "Democracy bad" if you think about it) 2) Inflation happened because Germany had to pay war debt from ww1, and that was the only reason more money was printed. No other reason given, no mentions of other countries. This is the first time I hear about hyperinflation in Austria at the time. 3) The NSDAP was violent and Hitler stole the power. That's it.
I never new Friedrich Ebert himself was really just another dictator. The wordgames of Socialists persist to this day, and the only chance we have at rooting them out is unravel and end their word games. Non-Socialists need to find meaning in going into the education sector, be it the ministries/politics but more importantly the teaching profession itself.
What we are being taught in school is a perverse distortion of history, through its omissions not far from revisionism, or what Neonazis would teach about their favourite period of history and leave out, were they in charge. It's all to make (red) Socialism look good simply by omitting every single one of its faults, and if faults are mentioned, blame it on something or someone outside of Socialism. Socialism was, is and always will be, a scam.
I was baffled to hear that the Socialists can't even tell you what their ideology, their policies truly are or would be, once in power. That means they've never before thought about it, and only then are under enough pressure to do it for the very first time. They only ever ran on buzzwords, just like most religious people do that know nothing in depth about their religion in the first place.
And this is the same way that you de-cultify, deprogram your rebellious-phase teenager who thought it would be a great idea to join antifa: Play the entire Socratic game, take an entire night if necessary, call school the next day and tell your kid's sick or something, because this'll take time and energy when you simply ask "So, imagine your revolution, what happens now?" and you ask all the questions of how this or that will work, just ask, keep asking. How will society organize? How do you make sure people follow the rules, the groups consensus? What if they don't? And so on and so forth. Before long your kid will end up having built the very genocidal tyranny, and a nationalistic State with military if not secret police no less, that he thought s/he is fighting right now, but on steroids, instead of building this kumbayah-utopia where everyone loves each other and capitatism is no more. Don't tell your kid that conclusion, s/he has to realize that him- or herself; at some point it will be too obvious to ignore. A mind can only change by thinking something through itself. Outside conclusions, no matter how correct they are, can be easily dismissed, because they have not been thought through internally.
A criminally under-upvoted comment. You win +1 upvote. You are right, de-programming can only happen through internal realization.
As for history classes, I learned pretty early in primary school here in the Netherlands that there were things I knew more of then my teachers. At best you only get a very generalized view of history (and basically everything) in school, at worst its indoctrination. Teaching kids how to read, write and do math is basically all schools are good for. All the subjective knowledge transfer is already suspect and even objective knowledge transfer is suspect as the schools decide what to teach and what not.
I have saved your comment for personal remembrance, as it is a very good conclusion of the perverse world we live in right now, economics wise. Thank you for writing this!
Very true. This is exactly how i de-radicalized myself, from leftist indoctrination.
Except i had noone to confront me with it all one on one - it took years of thinking to achieve it.
Economics in school here in Australia is thoroughly flawed - even if it takes a completely capitalist point of view.
De-programming from a cult works fine until the cult takes power and they've already done that. Now you're talking about freeing people from a state religion and that's much more difficult. The brain-washed fanatics have the power of the state behind them and you've exposed yourself as a heretic. I've got people to the point of realizing that their whole system of thought makes no sense and has no basis in reality. At that point, they start babbling incoherently to protect themselves. It's really quite amazing to see but it does them no good. We thought they would grow up and throw away childish toys when they got a job. It didn't happen. For myself, I see no way to redeem the situation after it's gone on for 3 generations.
In gold (and silver) I trust. Everything else is just credit.
Oh, and ask the Canadians how great it would be to have a (cough, cough) government issued digital currency that could simply be turned off with the flip of a switch should you cross the wrong person.
Because anyone will want to exchange gold for food during war times?
@@fluffynator6222 So, if you would sell food, which would you sell it for if given a choice of two buyers:. One offering pretty slips of paper, or the other offering gold / silver? If trying to bribe your way on to an evacuation ship out of East Prussia late in the war, which do you think would be a more effective bribe, pretty pieces of paper, or gold and silver? If you're fleeing Romania in 1941 and stuck on a ship in a Turkish harbor, do you think paper or gold will stand you a better chance to get a visa to disembark and travel by land to Palestine?
@@tokencivilian8507
Neither.
@@fluffynator6222 history proves you to be wrong
@@fluffynator6222 Why not? The one who is hungry but got gold will do it
As an A-Level student in my second year, with a mock on Germany 1919-1989 on Thursday, this is brilliant revision!
Just remember that this isn't the official narrative ;)
@@Runenschuppe comparing my resources to this video, I can say absolutely! 😂 Although the debate over the strength of the Weimar Republic is very similar to some of the arguments we’ve been discussing
Just remember that whenever something changes abruptly, it has an effect that is in part dictated by the pre-existing conditions. For instance, putting a pin in a blown-up balloon has a markedly different effect to putting that same pin in a non-blown up balloon.
We have to clone TIK so he can produces more videos ! One of the best professors in UA-cam!
Not just YT - try reading Evans' three !!!! books on Germany and the lack of analysis
So, when someone today says we shouldn't be afraid of the state getting into debt, because we mostly owe it to ourselves (via a central bank), they are actually saying that the central bank is paying for the state expenditure by creating new currency out of nothing, which in turn lowers the value of that currency and therefore the purchasing power of ordinary people?
Hey TIK. Only a couple of days left till the start of Lent. I'm giving up Alcohol and chocolate for the next for see able 40 days. Should be interesting, and I hope I can push through it with my head held high at the end.
In the mean time. Onward with your BankWars, and an excellent demonstration to people. Why mass printing money is extremely bad. Just like socialism.
In 40 days time, I would like to hear that you passed this period with flying colours and didn't touch alcohol or chocolate 👍
@@TheImperatorKnight Hoorah!
I use lent more as a way of self improvement then a religious experience. Sorta a way to break habits once a year. When you say chocolate is that blanket chocolate or just candy would hot coco count as chocolate under your plan? I ask because I run into issues when I choose candy to give up. I find myself wondering if the chocolate chips in a cookie count as candy or is bubble gum candy, needless to say I no longer choose candy to give up. I know I over think it, lol. Good luck with Lent.
@@robert48044 Same here. not Religious myself, but use it for self improvement. And I'm using a blanket statement on all cholate stuff. hot cholate, bars and so on.
Lent?
Just another reason to be glad Buddhism is a thing.
When 50 Cent does a tour of Venezuela they call him 500 Quintillion Bolivars.
Lol
Mises is a great source for post WW I economic history. Thanks for another thought provoking episode.
Omg more TIKecnomics I love it. I'm so glad you are devoting more time and creating a series covering politics and economics which is so important especially right now. Currently doing micro in college and I can't stand all the edgeworth box math equation crap. My professor had no idea how to model the concept of saving other than saying the budget constraint would account for that. So many leftist intellectual blind spots in these fields right now.
I have learned more pertinent information from listening to your channel than a year of university. Keep up the good work. Weimar is increasingly relevant to the current state of the West.
This is my favorite series on the channel!
Thank you for doing what you do, TIK.
One day, your videos will be used in colleges all across the world. They're brilliantly delivered and thoroughly investigated pieces of media.
The most cutting question you posed was "What do public employees produce?". And the answer: "Nothing". What does the Departments of Energy, Education, Transportation, Agriculture, etc. produce? It's past time to trim the behemoth down.
Also govt funkies pay no taxes. WHAT?? Only private employees pay taxes . Think about that to really get steamed.
Videos like this add context to WWII causing one to see that it was a lot more than just a bunch of guys shooting and bombing each other. It also reinforces the truth that wars are political acts orchestrated by the leaders of a nation.
Great job, TIK, I feel like I've taken a college course in History watching these videos.
Ahh I love it when a series I half thought was almost done has a new instalment
Oh boy... they're not going to like 2:03 wonder how they're going to explain that. Likely accuse him of being a infiltrator.
This series of socioeconomical history and analyses is FANTASTIC. Thank you so much to put so much effort on these videos. Excellent work.
Your work has always been a t a high level, but it has been getting even better. As much as I was looking forward to the next Stalingrad instalment, I am glad you gave us another economic history lesson instead.
Of all the content you’ve made, I think this is your best series
I don't have much of a problem with a government NOT being able to make a bunch of fundamental changes to the country whenever they feel like it.
If only Tony Blair was more limited in his powers.
Indeed. A strong democracy is a country where a minority (such as the government) cannot all to easily foist their whiles on the governed. You need good courts and separation of powers as well.
This is where a constitution with a bill or rights that cannot be changed with a simple majority vote would have come in handy. Why the UK has none is a bizarre twist of historical fate. And also currently keenly felt in Canada which has a similar political system to the UK.
@@chaptermasterpedrokantor1623 The UK has a constitution, it's just ignored because it's not succinct and easily accessible like the one in the US.
@@chaptermasterpedrokantor1623 We have both, as a poster said below it isn't succinct or easily accessable.
Okay hang on! Things I picked up on in this episode.
1: Hitler was in the Communist Army for a short time!
2: This representative party system of the Weimar illustrated, has given me a better understanding of how the system works for us the UK and others. My second thought on this and how the Weimar did it. Many of the Party names and groups, feel and look more like Union groups getting into the Parliamentary seats of something. (Can think of a better way to say it, but its; no this is not efficient is all I can say.)
3: I find the whole argument that National Socialism (Nazisim) is Right wing not Left. To be Extremely tiring and moronic to anyone who preaches it.
4: This subsidies policy the Weimar did reminds be a bit of Clarkson Farm and how Farmers are somewhat reliant on the subsidies to stay in business. There's more UK red tape and polices behind this hamstringing farmers. But I can't help but see some kinda link to all of this in your video.
5: This Corporate Germany does interesting a bit. Cause I am reminded of our of statues in the present. In all Western Countries with our Economic systems.
6: The whole putting down the violent revolution by the peaceful revolution, reminds me of Starship Troopers novel stuff about Force (Violence) = Will (Politics) of the one using it to push their will or agendas on others. Don't have it off the top of my head, but thought it was worth reminding and pointing out here.
7: I'm developing a bias against GPD figures for things when it comes to anything economical. So if someone comes in and try's to site GPD figures for something, my response is for them to leave the room at once. Since the maths can tell you one thing. But reality entirely another.
8: I think on the subject of Green in your video about the War Bonds. You could use some Star Trek stuff on the Rules of Acquisition and Firangi about how Greed is good not only for the Economy. But people. Because otherwise to cut things short. People would just starve cause they are not motivated to get food!
I'm cutting my notes short here because I think I've put enough in here already for you TIK. Still got 11 minutes left of your video, but I hope some of these do amuse you.
Looking forward to my economic lessons form you in the future, and to seeing more Stalingrad and everything else in WW2.
A lot of Socialism can be traced back to the French Revolution. And much else can be traced back to events in WW2. "Learning from History is the first steps of wisdom" after all. A quote I saw in my history class while I was in school.
Nazism was far-right. Far-right don't believe in free-market either because they believe free-market collapse without the help of government over time and require corporate bailout and government's sole reason to exist is to protect the hierarchies. Many of the far-right even want a socialist ethno-state but they're different from communists in many ways for example social darwanian and instead of seeing socialism as transition to communism they see socialism as the final goal. It's only after WW2 that the far-right transitioned from statism to anarchy when the left gained institutional power and state control. Before ww-2 majority of anarchists were communists but that's changed now. In short, anybody that has no institutional power becomes an anarchist. The one who has institutional power is a statist.
@@praz7 So Mussolini wasn't as Socialist then huh.
@@praz7 I believe the argument is that Nazism was established as a leftist movement and later adopted some Fascist techniques to motivate/influence the people until full autarky was met. TIK is good at pointing out instances showing they were still following their original leftist ideology that often gets overlooked. We will never 100% know if Nazism evolved into something different or was just doing what was necessary to create autarky and fully implement their ideals.
@@michaelreimer951
We will never know? I'm sorry but there's tons and tons of records out there about high ranking Nazis' opinions, policies etc.
@@fluffynator6222 Nazis and fascists called themselves third position. I can understand why there's so much confusion around national socialism, fascism and communism. All these ideologies were extracted from Hegel. So you can say Marxism is left wing of Hegelian philosophy while Fascism is right wing of Hegelian philosophy.
An extreme case of the representation problems you bring up is in Turkey, where elections are intentionally rigged in favor of the incumbent party. Most Turks vote for tiny parties, representing specific classes of persons and/or small communities. But the minimum threshold for getting a seat in Congress is high while the minimum threshold for forming a government is low. Meaning that small parties MUST ally with big parties or let their votes go to waste. And the incumbent has access to the censorship apparatus, appointment powers, and national budgets so they can easily bribe some parties and shut others up. Needless to say, every time an incumbent President dies there's a small war.
Interesting comment about the wars of succession. I've heard that when the Ottoman Emperor's sons would fight over who took the throne when the emperor died, not sure if it's true but it would be a neat parallel if it is.
@@winnietheblue3633 that was also due to winner-take-all customs.
Needless to say, every time an incumbent President dies there's a small war. - That is usually the case in an autocracy. Any system that stands or fall by the will of 1 person will fall once that 1 person is gone. In medieval times strong king meant good times as the king was able to cow his barons into obeying him. The state would grow stronger as a result, win more wars, expand. A weak king meant bad times as the king was cowed by his barons who ran all over him. As a result the state weakened, lost wars and territory, and sometimes completely disappeared to foreign conquest. Sadly, strong kings often do not wish for a strong successor to be at hand. The successor might carry out a palace revolt to get him deposed. And thus weak kings often follow after strong kings. Or strong leaders in general. Nowadays national institutions tend to be strong enough to survive the fall of the autocrat, but the resulting power vacuum following his death or fall still ushers in a period of chaos. Democracies are the only political system exempt from this as there is always a successor ready to take over, even if from another party. But not, like in Turkey, or in Russia, when the strong leader has subverted the political system to his advantage.
Turkey is also about to copy alot of other things from Weimar Germany if things keep going the way they're going
Can you give one or two examples of a small war starting upon the death of an incumbent president in Turkey?
"Milliard" is correct. The American use of "billion" to mean 1,000 million is incorrect, yet it became widespread in the Anglosphere.
*was incorrect.
In modern English, billion is correct
This is the single most important history related channel on youtube. If we are not drifting into a totalitarian censorship in the future that restricts any criticisms of socialism, I'll show these to my kids when they become mature enough.
This content is utterly outstanding. Thank you!
I can't imagine how long it takes you to research these subjects TIK.
your thoroughness never ceases to impress me.
Absolutes are few and far between they say, but how can it be that in Australia we suffer an absolute lack of quality analysis of this calibre and incisiveness. Speaking not only of the past (who needs history right, nothing to learn there) but also of the present and where in the skunk's hell we might be going into the future. A brilliant show, as always - thank you !
Certainly this is the biggest political history lesson I've received ... Personally I've always taken a very narrow view of the subject and it's brought across in an interesting manner. Most politics I've studied relates to the US Civil War, or older books on Weimar and other Governments. There is a lot of clarity and explanation here though, no brushing over. I admit it's a good listen if you want to know something about Politics in the era and today. Thanks ~Kel
"The sheeple wouldn't know they were being robbed" - TIK for the win!
The ammount of work you put into videos is staggering. I love these!
Dear TIK,
Excellent. Proves that inflation will only bring misery and war.
Annex question:
1. Will Russian invasion of Ukraine end in a Stalingrad type battle?
2. For whom will this Stalingrad type battle be fought by Russia or Ukraine?
3. Logistics will be the determining factor in this. Just a recent example of this from World War Two in the Pacific; when navy ships are loaded for amphibious assaults / invasions of islands the priority for loading is:1) ammunition, first and 2) food, second.
Have some Royal or US Marines or Royal Navy or US Navy comment on this.
Thanks,
SH
I don't think so. Ukraine is too big to be controlled. Their goal is to create a neutral state, leaning on Russia.
Possible outcomes:
A. Russia will gain political leverage in the internal affairs of Ukraine
B. Putin is ousted
C. Russia's withdrawal without achieving its goals
Hooray!
First!
Thanks Tik, I already have a university education, thanks to your channel I feel like I'm getting another one...
The Anschluss idea can be traced back to the unification of Germany, long before either of the parties you mentioned were relevant
Thank you for another informative and interesting and entertaining video. I really enjoy your time and effort and interest in so many different areas and am learning so much!
Hello to TIK's grandson in 2070 making a video about US hyperinflation of the 2020's.
It's fascinating listening to TIK describe the way that subsidising industries creates imbalance in the economy that invariably leads to it sinking, akin to an experiment I once heard about where some rats were placed on a piece of material floating on water that would sink at any moment, but it didn't, meanwhile when they placed humans on the material, it sank almost immediately as they tried to figure out how best to distribute their weight to prevent it from sinking.
The more I keep watching these amazing videos the more I keep thinking that the right wing and traditionalism died in the chaos of WW1 and we have been run by socialists for the last 100 years. Seeing some parallels between the interwar period and modern times both financially and politically.
100% correct. The needle has gone so far left, no one even knows what Capitalism and a free market are anymore.
Ah yes, the glory days of the 1800’s, pure paradise for the unwashed masses.
@@slackerman9758 Nobody forced them to be unwashed. There's a saying in the country - "Just because your poor, you don't have to be dirty."
The right wing was killed by napoleon. In the parts of the west that still had a right wing, of course the USA never did with their democratic nonsense.
Great job as usual, TIK. I think one useful way to illustrate Left from Right is to put nations on a spectrum based on the amount of government power exercised in that system - this is easier to do with economic issues than with social ones. On the far left you have North Korea present day and on the far right you have something like laissez faire Britain in the second half of the 1800s.
These videos is the thing we need
Hey Tik, is there any way I could contact you privately for a collaboration? If not that's cool, I genuinely enjoy your content and will always be right here when you upload. Grazie!
Check out my new Instagram page. There's a way to contact me via that.
@@TheImperatorKnight Grazie, I'll be sure to do that
@@TheImperatorKnight Tik, I'd appreciate very much if you made a video on the current war in Ukraine
@@ferdinanddaratenas3447 Too recent to be history. Lol.
@@ferdinanddaratenas3447 There aren't many reliable sources for that one.
State Capitalism sounds like an oxymoron.
What is truly interesting about what was going on in the immediate post war era is that none of the ideas were new, and they had never worked before. Going all the way back to the Sumerians and subsequent kingdoms through the Greeks and Romans, the popular concept of "socializing" (i.e. stealing) the "means of production" (or more precisely, wealth) there would be a beautiful paradise. What always happens is debasement of currency and starvation. This trend continues on through the Byzantines, etc. Envy is a sin for a reason. It can not be a basis for political or economic theory.
Well put....basically, all forms of socialism are violations of the 10th Commandment - "Do not covet".
I'm always about to agree with these libertarian ideals, then I remember about the great bloated vampire billionaires that feed on our labor, and will, inevitably, subvert any democratic system they interact with. Already they've made it so the common man owns nothing, and rents his very existence. It's disgusting. If we need Socialist reform to shatter their power, so be it.
@@Isaaxz123 "It's disgusting. If we need Socialist reform to shatter their power, so be it."
And that unironically put you in the same camps as the German National Socialists.
It's not Libertarian values that have created this problem. Is collectivist values. Libertarianism needs more work, but it's absolutely on the right track.
@@jamesespinosa690 the difference is that I have an unflinching belief in Democracy, fundamental equality of all races, and Personal Liberty. I just find the undemocratic political maneuvering of elites, and their control over the economic life of common men , to he incompatible with the above beliefs.
You're making the mistake of believing that just because I'm a collectivist, I'm a crypto-totalitarian, or that I have any affection for them. I despise the state, but the yoke of the wealthy weighs just as heavy on me now.
@@Isaaxz123 but perhaps the main way the undemocratic political maneuvering of elites controls the economic life of common men is through socialist policies that prop up rich corporations/destroy the competition?
Wow, fantastic series. Will require many re-watchings to take it all in.
What the hell???? I had no idea that Hitler was even involved in a far left organization like this. Thank you for the amazing piece as usual!
Hitler was always far left
Excellent series
I've watched all episodes. This is exactly what I've been looking for! So much better, and accurate, than Otto Friedrich's 'before the Deluge'.
It has been said before. You can't spend, devalue nor print your way to proserity.
As much as Keynesians hate it, only delayed consumption, savings and investment create wealth.
15:20 "anschlussed"
aaaaargh :D
it would be: "angeschlossen"
Happy to see episode 3. Tik this is one of your best series.
I want to see you making the rounds on popular podcasts. Id like to see you talking with Victor Davis Hanson... also Joe Rogans show
It might be interesting to look at what was going on in France at the time and discuss how they were able to avoid falling into the same trap as Germany.
Could you elaborate on that a bit? Since i don't think TIK will make a video about that in the near future
@@sergeant_chris6209 From what I understand France started our with a large war dept and many of the same problems as Germany however they had a conservative government which used low taxes and austerity. France managed to avoid currency devaluation and escaped from the depression sooner than other nations.
@@troymcmahon488 sounds very based
The parallels with the current situation in some western countries is marked.
Thanks for pointing to sources. "The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany" by Costantino Bresciani-Turroni. In most history books i find one super simple single sentence statement: "In November 1923, the hyperinflation ended" as if some higher nature tornado was finally over that no human whosoever had under control. In fact what happened seemed to have been completely beyond any comprehension (education on economic questions was by large non-existent, especially for the lower classes). Bresciani-Turroni spends 20 pages on the monetary reform alone.
I have always wondered one thing: how comes that an inflation that was a never-ending nightmare over four years (or eight years if we include WW1), would end (by itself?!) or could be ended (by whom? and HOW? And why not much earlier IF they really had control all the time?) WITHIN ONE DAY?
Some then gave the argument that the new "Rentenmark", introduced 1923-11-20, was "not convertible" to foreign currencies (edit: if that was really the case ...) ... as a layman (I am a techie guy), HOW does that "kill" an inflation?
I don't think you really "kill" inflation as an action a government could possibly take (otherwise as you said, why not always just do it?). By ceasing to print additional currency you can at least let prices stabilize as they are so no additional damage is done, but you still are left with the results of the current damage that you hope will slowly undo itself as the market kicks back in. These governments can then make a big show of how they "stopped" rising prices by renaming the currency and issuing new bills- so if a loaf of bread cost 10 Marks, the government can order a recall of all Marks in favor of New Marks at a 10:1 rate so the bread now costs 1 New Mark. Now inflation has been "stopped" since prices actually went down! Brazil did this three times(!) in a 5-year period going from Cruzados to Cruzados Novos (1989) to Cruzeiros (1990) to Reais (1994). I was visiting there during one of these transitions and the government was so broke they didn't even reissue the physical currency- the old bills were literally rubber-stamped with the new name on them. The currency has changed 5 times since the end of WWII at what seems to be a usual rate of 1:1000, to give you an idea of how bad the inflation often gets there.
Of course, there are some practical reasons to change the currency beyond simply pretending that prices aren't high, such as in Zimbabwe. When your smallest denomination is already at a billion or trillion numbers start to become meaningless pretty quickly.
Thank you as always Tik. I love the WW2 for dummies book staring us in the face. :-)
I would suggest adding to the look, and replacing the bookshelf with nothing but Osprey books.
Milton Friedman ,Thomas Sowell 👍🏻👍🏻
Karl Marx, Friedrich Engels 👎👎👎🤬
You might enjoy this video ua-cam.com/video/Q0bFP5WhYcQ/v-deo.html
Brilliant.
I love your vids tik, the more I watch and the more I work and understand economics I become less sympathetic to socialist policies.
wow, I did not knew at all this photo & video of Hitler during the Bavarian revolution! This is gold!
The problem was not proportional representation itself, but the way it was implemented. Modern Germany has a 5% threshold for parliamentary representation, and this works well to keep micro parties out.
I have to say, these economic videos are arguably just as gripping as the military ones. Discussion of the battles of WW2 is nice and all, but going into detail as to the economic and political actions that resulted in those military actions is far more entertaining. We all know about Operation Barbarossa, but learning as to why it took place and at the time that it did and its role within wider German policy-making is something else entirely. I'd love to see a video on the New Deal and whether or not it was responsible for America's economic comeback, since all WW2 buffs love to talk about it and how it had nothing to do with socialism. Thank you for your video!
Burton W. Folsom Jr has a great takes on greate depression and new deal as well as on so called rober barons. Also another greate historian on youtube is Casualhistorian he has a greate series on Rosevelt and Holodomor.
Always a pleasure to see you upload.
Compulsory voting with Full prefferential voting with proportional representation would provide the best outcome in terms of democratic vote but wouldn’t be a guarantee of a stable / majority government all the time
A masterclass
Yes! Another episode. Can't wait to listen
Fantastic video! Sometimes it’s good to know the background besides just talking about tanks
While you may not be an economist, you certainly do know your history of it.
And I know people will disregard your videos for your lack of economics degree.
They disregard my history videos despite having a history degree. A piece of paper with a number on it is completely pointless.
@@TheImperatorKnight Politics. It's just realpolitik talk.
@@TheImperatorKnight we have seen how good the "experts" with degrees were with da bug. Worthless.
@jim How QE was done in the countries that used it did nothing more than give money to CEO's to plough into the Stockmarket, so inflating share prices. That's why there was no inflation anywhere except in stock prices. Why do you think a) there's very little innovation in consumer goods? , and b) companies are pushing stock buyback schemes? Executive Renumeration in corporations is increasingly linked to the share prices of their companies in the stock market. So all QE did was to make rich people even richer, and leave everyone else to pick up the tab in the future. What could have been done was to issue credits to persons indebted with consumer credit or student loans. That would have sent the money where it was needed, and would had had an immediate effect. Or, they could have created sovereign wealth funds. But, no.
@jim George Gammon, Emil Kalinowski and Jeff Snyder all share the same view as "money and macro" guy. They don't believe that QE-infinity actually counts as expanding the "money supply".
That said, fiat isn't money. It's currency. Also, inflation isn't the rise in prices, it's the expansion of the currency supply itself. So there is inflation even if prices don't go up. You know this because that's why we get recessions and depressions every few years.
And prices are going up, but not every price because they're not physically printing cash, but rather expanding CREDIT for certain sectors. The massive housing bubble here in the UK, or in Australia or New Zealand, or many other countries around the world is a direct result of Central Bank credit expansion. The Bank of England's own UA-cam channel says this - they openly admit it!
So yes, while they artificially set prices of wages, goods and services, taxes and interest rates, they're also pumping up certain sectors of the economy into a giant bubble. Even if the end result is hyperdeflation rather than hyperinflation, or hyperdisinflation, it doesn't matter, the fact remains that QE is inflation. And the 40% of your (and my) wages that go straight to taxation are perhaps the reason why we're not seeing ridiculously high goods prices. We're working to be robbed blind by our overlords who are telling us "you will own nothing and be happy".
Thanks for another excellent video... Seems uncannily prescient with the current world situation.. thanks.
10:00 The same was true when women were given the vote in America. Most Progressives at the time were actually concerned that women being allowed to vote would cause their reform policies to be halted or thrown out. And given how the Progressive project abruptly ended after Wilson left office, this fear seems to have proven correct until the economic crisis of the Depression turned people toward socialism and FDR.
These hyperinflation videos are fascinating.
30:15
First time in my life I'm seeing English speaking person using milliards. Thanks for sparing me the effort of translating weird notations
TIK: I should point out that conservatism supports the rule of law - and therefore would have supported the SocDems against the Communists, during the Weimar Era - on the premise that law is society's arbiter, something that everyone had a chance to contribute to and approve. Violent revolution in ACCORDANCE with law, therefore, is considered morally acceptable, because it represents society as a whole and therefore a sense of stability. Violent revolution AGAINST the law is, conversely, seen as a group OUTSIDE of society attempting to override society entirely.
Thanks for the video as always ;)
Carl Legien's mustache is epic 😎
After the Versailles Treaty The Austro-Hungarian Empire was dissolved and apart from all the Balkan and Yugo nations along with Hungary that left the rump of the western part of Vienna and the Tyrol with Carinthia and Styria - this was called originally called 'German Austria' and was forbidden with uniting with Germany.
Thanks for that.
I'm so happy TIK decided to make an economics series.
Another great breakdown. Can you post this to Rumble, if you havnt already?
Important to understand: Things are very different today. Central banks don't create money in the modern banking system. Commercial banks create most of the money supply when they issue loans, or when governments borrow. Quantitive Easing isn't money printing. Central banks take bonds from the commercial banks and credit their reserve accounts. It's just an asset swap in an attempt to encourage banks to lend and suppress interest rates. No new money is created, not enough to cancel out money destroyed when loans are paid off. The other big thing is a big chunk of US money creation is in the Eurodollar offshore unregulated and untracked banking system, so nobody really knows how much money is being created anyway. In any case, money supply growth has been weak since the 2008 financial crisis because bank lending has been weak since then. The banks are extremely risk averse and buy bonds with most of their deposit money and issue way less in loans than they did pre-2008. Then there's the bond market. Long bond interest rates aren't rising, because there is no long term expectation of monetary inflation or economic growth. The long bond market is telling us the world is in for many years of stagnation and weak growth, notwithstanding the current inflation which is more akin to the 1947/48 inflation spike.
I learn so much from your vids TIK. Appreciate the deep and thorough analysis. As you have said earlier (not sticking to tanks) it’s critical to understand the economics and politics that set the stage for a war that would kill 10s of millions. Funny, when you go back to 1919 and we can see how this is setting the stage for the nazis it begs the question, how did the German people overwhelmingly elect a socialist government in 1919? What led 70ish% of them to vote that way? Seems their options in parties were limited to what flavor of socialism you want. How did they get to this point? Look forward your new vid each Monday.
However in the two party system the winner is supposed to represent even those who didn't vote for the winning candiadate, but don't tell Labour.
One word.... excellent!
Strange this didnt pop up in my subscriptions but in the recommended videos.
So, getting to the point. Using history as a guide and realizing that history tends to rhyme...
HOW DO I SURVIVE THE CONSPIRACY TO BANKRUPT ME HAPPENING RIGHT NOW?!
Should I buy bitcoin? I should, shouldn't I? Or gold? ...Or maybe ammunition? 🙂
Thankfully, I live under the USA government, who states they can print tons of money and there will be only transitory inflation from COVID. However, I worry that the sheer mass of money printed has warped the space-time continuum and inflation appears smaller in Washington DC than it does as you get further from the presses. Either governments get stupid with time, or the wealthpowerful always use this method to rip the rest of us off.
Wish our Fed Reserve Governors were TIK subscribers.
I like the troll job of the book in the book shelf. “WW2 for dummies”. Nice!
And making UA-cam videos.
They were my Christmas presents from my friends 😂
"People began to gamble on the stock market in an attempt to preserve their wealth" that sounds familiar.
As Franklin once said, “a democracy is two wolves and a sheep voting on what’s for supper. A Republic is two wolves and a sheep with a gun deciding on what’s for supper.” (Paraphrased)
0:14 - I wish there was such a street reconstruction to be on that picture.
This is very interesting, I mean this is the same critisism the israeli goverment gets today (we use a similar system to germany). And yet, if the winning party (by vote) has a strong leader, even a minority parliament can be a strong and stable one.
Great video montheless TIK!
Nazi means "national sozialist" for those, who doubt, that Hitler was a Socialist.
And every single kraut.
I'd actually love to see TIK do some talks or debates about ideology, history and economics with other prominent youtubers and social media figures, primarily socialists.
Bavaria is a beautiful place I lived in Schweinfurt for three years
Hi TIK,
Super series, you should do a special on gold and silver as monetary phenomena!
1920's German mustaches were awesome.
Thanks TIK!
I still don't understand how Socialism is just going to disappear or evaporate just because you or other UA-camrs produced a few videos associating it with X or Y nation, group, person or people etc.
Of course, I agree with the definitions:
Statism (State Socialism) = Public State or government control of the means of production (economy and private sector)
Privatism (Individual Capitalism) = Private business, private individual or private sector control of the means of production (State Socialist and public economy)
But to say that State Socialism or the collective group based on race or class or religion is somehow non-existent, that race doesn't exist, that people don't associate with social groups, religious and racial groups etc because the race or class doesn't exist; is wrong and scientifically untrue.
To deny race and the collective group is to deny the scientific fact of evolution. We're literally designed to associate with groups of people. It's in our DNA.
I don't see hyper individualism and privatism winning in the end if the highly religious groups are having more kids than individualistic atheists.
Look up Edward Dutton who has researched evolutionary biology, theology and psychology. He's able to back up every view Hitler had on race and much more with scientific studies, statistics and evidence. He literally explores the topic of the spiteful mutant hypothesis and says that the cult of the self (hyper individualism) is the product of spiteful mutations in the brain and body.
Is he wrong? Is he correct that society will become highly religious and highly racially ethnocentric once again (Socialism in your eyes)?? Does this not disprove your national geographic about race? He's even written a book on these topics.