“The collapse of an inflation policy carried to its extreme – as in the United States in 1781 and in France in 1796 – does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.”

“The collapse of an inflation policy carried to its extreme – as in the United States in 1781 and in France in 1796 – does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.”

— Ludwig von Mises