Tipper and See-Saw Time
From Wikipedia, the free encyclopedia
Tipper and See-Saw Time (German: Kipper- und Wipperzeit) is name given to a financial crisis during the start of the Thirty Years' War (1618-1648). Starting in 1600, city-states in the Holy Roman Empire began to debase currency, in order to raise revenue, some have speculated, for the Thirty Years' War (effective taxation did not exist).
The debasement spread from Germany to Austria, Hungary, Czechoslovakia, Poland and Russia.
What is interesting about this financial crisis, called "Kipper und Wipperzeit", is that specie (metal coin) was debased, not paper money.
More and more mints were established until the debased metal coins were so worthless that children played with them in the street, which became the basis for the short story by Leo Tolstoy "Ivan the Fool".
[edit] References
- Charles P. Kindleberger: Manias, Panics and Crashes. A History of Financial Crises, New York 1978. ISBN 0-465-04380-1
- Donald H. Dool: Coppers hail from kipper und wipper period, in: World Coin News, Dec. 2001, p. 34-38.
[edit] External links
 |
This economics or finance-related article is a stub. You can help Wikipedia by expanding it. |
