One very interesting (and terrifying) aspect is that the prudent who stayed out of debt and saved (in mark denominated assets) were the ones that ended up being destroyed, their wealth being transferred to those that were in debt and as payment for the war. That looks like exactly what is happening today here in the US. The middle class is bailing out the banks and speculators (bondholders - saving the banks saved the holders of the debt from taking a haircut) while they get big bonuses and live in luxury.

I'm afraid those giving advice right now to be out of debt and have money in the safety of government bonds are doing their clients a great dis-service.

John