In September 1992 Sweden set interest rates to 500 percent to save its
currency, and lost anyway. This is where the story ends. Next: the 1985
rule change that started all of it.
Thirteen parts. Start at part one.
Sources: Sveriges Riksbank historical timeline; UPI Archives, 19 November
1992; Peter Englund, The Swedish 1990s banking crisis; European
Commission, The Swedish model for resolving the banking crisis of 1991.
Every frame is hand-cut paper collage, animated frame by frame.
#thekronawar #economichistory #centralbanking
The 500 percent rate applied to overnight lending, so almost nobody
actually paid it. It was a threat, not a charge, and for five days it
worked.