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Apocalypse 2012

Quiz: CNBC QUIZ: Financial Doomsday

Question 3 of 10

How often did prices double in Poland In 1923?

  1. Every 10 days
  2. Every 20 days
  3. Every 30 days
  4. Every 40 days
Correct!

After Poland achieved independence in 1918, it began to experience inflation, which became extreme in 1921. The peak rate of inflation was reached in late 1923, when prices doubled approximately every 20 days, and by 1924, prices had increased by almost 990,000%.

At the time its independence, Polish currency, the marek, stacked up against the U.S. dollar at a rate of 8 marek per dollar. By 1923, the exchange rate was almost 6.4 million marek to a single U.S. dollar. Eventually it had to be scrapped entirely, and in 1924 new currency, the zloty, was introduced.