// the presses never stopped

The deficit was permanent. So the printing was too.

Documented case files of currencies wrecked in peacetime by governments that financed chronic deficits with the central bank's press — Latin America's lost decades, the post-communist transitions, the currencies that burned through their own zeros. Each traced from the first easy money to the stabilization, the new currency, or the dollar that finally replaced it.

15 deficit collapses Updated Jun 10, 2026
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