Any investor unwise or patriotic enough to hang on to gilt-edged securities {consols or the new UK War Loans} would have suffered inflation-adjusted losses of -46 per cent by 1920. Even the real returns on British equities were negative {-27 per cent}.51 Inflation in France and hyperinflation in Germany inflicted even more severe punishment on anyone rash enough to maintain large franc or Reichsmark balances. By 1923 holders of all kinds of German securities had lost everything,
( Niall Ferguson )
[ The Ascent of Money: A ]
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