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Apocalypse 2012

Quiz: CNBC QUIZ: Financial Doomsday

Question 5 of 10

Approximately how often did prices double in Hungary in 1946?

  1. Every 16 minutes
  2. Every 160 minutes
  3. Every 16 hours
  4. Every 16 days
Correct!

When World War II began, Hungary had already been fighting adverse economic forces for decades. However, when the war ended, the country’s situation only worsened; by 1946, the rate of inflation was so high that prices doubled every 16 hours. This was the single worst case of hyperinflation on record.

With an inflation rate of approximately 14 quadrillion percent, Hungary attempted to cope by printing its highest denomination bill, worth one hundred quintillion (100,000,000,000,000,000,000) pengo. The pengo was ultimately replaced by the gold-backed forint, after the total of all currency in circulation in the entire nation of Hungary was estimated to be worth one one-thousandth of a single U.S. dollar.

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