Editing Hyperinflation (section)

===Austria===
[[File:The Hanke Krus Hyperinflation Table.pdf|left|thumb|Hanke Krus Hyperinflation Table that lists 56 episodes of hyperinflation (following Cagan's definition)]]
In 1922, inflation in Austria reached 1,426%, and from 1914 to January 1923, the consumer price index rose by a factor of 11,836, with the highest banknote in denominations of 500,000 [[Austrian krone|Kronen]].{{efn|A banknote with a value of one million krones was printed, but not issued.<ref>{{cite web |title=Austria - 1,000,000 Kronen (1 July 1924) |url=http://www.banknote.ws/COLLECTION/countries/EUR/AUT/AUT0086.htm |website=Bank Note Museum |access-date=18 January 2019 |archive-url=https://web.archive.org/web/20190118180937/http://www.banknote.ws/COLLECTION/countries/EUR/AUT/AUT0086.htm |archive-date=18 January 2019}}</ref>}} After [[World War I]], essentially all State enterprises ran at a loss, and the number of state employees in the capital, Vienna, was greater than in the earlier monarchy, even though the new republic was nearly one-eighth of the size.<ref>{{cite book|author=Adam Fergusson|title=When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany|url=https://books.google.com/books?id=YxUBAwAAQBAJ|date=12 October 2010|publisher=PublicAffairs|isbn=978-1-58648-994-6}}</ref>

Observing the Austrian response to developing hyperinflation, which included the hoarding of food and the speculation in foreign currencies, Owen S. Phillpotts, the Commercial Secretary at the British Legation in Vienna wrote: "The Austrians are like men on a ship who cannot manage it, and are continually signalling for help. While waiting, however, most of them begin to cut rafts, each for himself, out of the sides and decks. The ship has not yet sunk despite the leaks so caused, and those who have acquired stores of wood in this way may use them to cook their food, while the more seamanlike look on cold and hungry. The population lack courage and energy as well as patriotism."<ref>{{cite book|author=Adam Fergusson |year=2010|title=When Money Dies – The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany|page=92|publisher=Public Affairs – Perseus Books Group|isbn=978-1-58648-994-6}}</ref>
* Start and end date: October 1921 – September 1923
* Peak month and rate of inflation: August 1922, 129%<ref name="Sargent, T. J. 1986">Sargent, T. J. (1986) ''Rational Expectations and Inflation''. New York: Harper & Row.</ref>