"When runaway inflation and bank failures struck in Germany in the 1920s, the middle class was destroyed, which led directly to the rise of the Nazis"
- Nick Clooney
About this Quote
This quote by Nick Clooney is describing the financial and political circumstance in Germany throughout the 1920s. Throughout this time, runaway inflation and bank failures triggered the middle class to be destroyed, causing a duration of financial instability and political unrest. This instability and unrest produced an environment in which the Nazi party was able to acquire power and impact. The Nazi celebration was able to take advantage of the financial and political turmoil of the time, and used it to their benefit to gain assistance and power. This quote is a reminder of the importance of financial stability and the possible effects of financial instability. It also serves as a warning of the risks of enabling extremist political celebrations to get power in times of economic and political chaos.
This quote is written / told by Nick Clooney somewhere between January 13, 1934 and today. He was a famous Politician from USA.
The author also have 29 other quotes.
"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists"
"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments"
"The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens"
"Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation"
"And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it's going up at the level of inflation, maybe just slightly above inflation, we've made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That's why we did it"
