Excerpt from Paper Money by "Adam Smith," (George J.W. Goodman), pp. 57-62. Before World War I Germany was a prosperous country, with a gold-backed currency, expanding industry, and world leadership ...

Two months ago, some in Tokyo joked that we no longer carry yen in our wallets, but Japanese “pesos” or “rupiah.” Now, with the yen up more than 12% since mid-July—and perhaps headed for even bigger ...

At its birth in 1948, the West German Deutsche mark scarcely seemed to be a currency that could produce a miracle. Most of the country’s war-wrecked industry still lay in ruins; the economy was torn ...