When Walter Baltes was five years old, he thought money came in bundles of banknotes. His grandmother carried them in her arms to the bakery to pay for bread. It was 1923, in the German town of Witten.
“I am very careful with money, which probably has something to do with the inflation experience,” Baltes, 95, said in a phone interview. Yet those days aren’t coming back, he says. “We will never experience this kind of inflation again. I absolutely don’t see any risk of inflation.”