Slowly the young turks get bailed out by mild inflation. Over and over again, the young turks bet and win and are continually promoted until they become the new top dogs. Instead folks speculate against inflation with stocks and real estate-one of which is heavily financed by debt in each wave. The now-older turks keep betting on inflation, adding capacity at a gallop. Finally, they've overbuilt.
Interest rates soar to the highest levels most folks think have ever occurred.
The worst recession in 40 years rocks business. Now, five to ten years after the war, inflation dribbles to death. The old turks disbelieve it and keep building. They had bet on inflation their whole lives - and won. They were lucky, but think they were smart.