[wahern]

That's just one example. The Pulitzer Prize winning history book, "Lords of Finance: The Bankers Who Broke the World", has many other examples and goes into much greater depth. Of course, there are many more dimensions to 20th century economics than just inflation/deflation. Indeed, a driver of deflation in Europe was the gold standard, as the U.S. was a very large net exporter to Europe (kinda like China today) and accumulated a surplus of gold reserves (offsetting American deflationary policy), stoking deflation in the net importer countries as there was less gold to back British and French currencies.