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Brazil's hyperinflation (1980-1994) stemmed from decentralized money creation - state banks could print currency. Terra LUNA's collapse shows how DeFi protocols can trigger similar spirals when multiple mechanism can trigger token creation simultaneously.

1825: Boston faced currency chaos with 300+ banks issuing competing notes. The Suffolk Bank’s solution? America’s first private clearing network achieving par circulation across New England without government mandate.

How Myth-Making Obscured the Real Causes of Financial System Failures (1837–1863)