Fred Sheehan has written an essay Stefan Zweig Meets Mr. Market, on The Daily Reckoning web site. The essay mentions Austrian school economist Eugen von Böhm-Bawerk. The theme of the essay is the complacency of the citizens of countries on the verge of hyper-inflation as most of the population was unable to see that things might be different in the future than in the past. He examines the case of France’s assignat inflation and Weimer Germany’s hyper-inflation. Sheehan then draws parallels to our current situation with the US dollar. A very thoughtful essay and well worth reading.
On the same theme is Peter Warburton’s The debasement of world currency: it is inflation, but not as we know it. Warburton argues that the world’s financial system has been experiencing a massive inflation on financial assets, but that it has been hidden by efforts to maintain the price of certain key assets such as gold and oil, through financial deriviativesl.