Abstract. The German hyperinflation and the U.S. Great Depression have in common the effects of an insufficient amount of useful media of exchange. In Germany too much currency was printed and in the U.S. widespread bank failures undermined confidence in all demand deposits so all bank checks were regarded suspiciously. The effects were the same in both countries, very high rates of unemployment coupled with collapse of their economies. The German Hyperinflation gives evidence against the Phillips Curve. JEL E65 Study of Particular Policy Episodes