； a glass of beer cost a billion marks。 Hyperinflation wiped out the savings of the middle class。
旁白：當時正在一個統計學研究機構工作的哈耶克八個月內加了八次薪。鈔票比牆紙還便宜；百萬馬克面值的鈔票被用來點爐子。1913年只值12馬克的鞋子到了1923年價格已經漲到32萬億馬克。在希特勒喜歡的啤酒館，一杯啤酒要10億馬克。惡性通貨膨脹掏空了中產階級的口袋。
KARL OTTO POHL： And that was one of the reasons for the success of the Nazis； of Hitler。 They got support from these people who lost their fortunes。
KARL OTTO POHL：那還是納粹黨人取得成功的一個原因。他們得到了那些喪失了財富的人的 支援。
NARRATOR： Hayek would always see inflation as an evil that corroded society and undermined democracy。 The fight against inflation became a cornerstone of his economic philosophy。
旁白：哈耶克始終把通貨膨脹看成侵蝕社會和破壞民主的惡魔。反對通貨膨脹的鬥爭成為他經濟哲學的一個基礎。
Onscreen title： New York； The Roaring 1920s
字幕標題：紐約，繁榮的二十年代
DANIEL YERGIN： During the 1920s； while Europe was continuing to suffer the wounds of the first world war； in American cities； at least； it was boom time。 Americans were spending money。 They were dancing。 They were partying。 They were buying cars。 They were buying bathtub gin。 And they were buying stock …… lots of stock。
丹尼爾。尤金：二十年代，歐洲還沒有從第一次世界大戰造成的創傷中恢復過來，而美國，至少在城市中，則經歷了一個繁榮時代。美國人花錢、跳舞、開派對、買車、買私燒錦酒，他們還買股票－大量的股票。
The stock market； the New York Stock Exchange； had bee a national pastime。 The Americans couldn't get enough of it。 And the favorite stock of the day was in these new radio panies。 Radio was like the Internet of the 1920s； an industry that had e from nowhere。 And the number one glamour stock was RCA； which in just a few years went from a dollar and a half a share to 600 a share。 Americans couldn't get enough of it。
股票市場－紐約股票交易所－變成了國家娛樂場所。美國人永不滿足地追逐於其中。最受歡迎的股票是那些新的無線電廣播公司的股票。無線電就好比是二十年代的因特網－一個新興行業。最有魔力的股票是RCA，它在短短几年中每股美元漲到了每股600美元。美國人仍不滿足。
NARRATOR： It was a classic stock ma