Adam Fergusson. · Rating details · ratings · 84 reviews. When Money Dies is the classic history of what happens when a nation’s currency depreciates . Buy When Money Dies: The Nightmare of the Weimar Hyper-inflation by Adam Fergusson (ISBN: ) from Amazon’s Book Store. Everyday low. When Money Dies 06/01/Adam Fergusson mass quantities of money coinciding with a shortage of money, mania and hysteria coinciding with mass.
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He uses a mix of historical sources, including letters, British diplomatic material, and newspaper reports.
We agree to have, and choose, two glasses of St Veran.
So we settle down, virtually the only diners in the shadowy and rather formal interior. It soon diees apparent that the only way to extract the value of money was to immediately spend it as Germany entered a period of hyper-inflation when the value of money at the end of a month was frrgusson half that at the start. That would be ,, A clear and concise analysis of the events surrounding Germany’s currency post-WWI.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
Price rises led to strikes and wage demands from the huge public sector. People who think “money is overrated” should try not having any. The main thing I got from the book was a much better sense how it happened: There are hints throughout that adwm public supported the Social Democrats because the public simply did not know how bad it was.
Paperbackpages. No trivia or quizzes yet. The printing was an attempt to get ahead of this problem and ensure adequate circulating currency. No expenditure is too frivolous.
The problems of the Weimar Republic were particularly severe because it also had reparations to pay — in gold. Personal Finance Show more Personal Finance links. Sep 18, Ray rated it really liked it. While Fergusson can be quite cutting at times, unfortunately there is a tendency in this book to focus on long strings of numbers and dry explanations.
Adam Fergusson weaves the economic history and actions of the Weimar Republic bad together with the things that were done to postwar Germany by France worse and the pain it caused to Germans brutal. Fergusson describes it from economic, social and political angles.
This book also gives you and idea of the desperate circumstances the Dues people were living in, giving a better understanding of how Adolf Hitler could get into power. But at the end of the book I felt educated and amazed, which is as much as you can ask of any history book. The German government chose to print money after the war to finance huge fiscal deficits because it feared that if it raised taxes and sold bonds, the economy would buckle under the strain, leading mony mass unemployment and social unrest that could undermine the young German republic.
That is a precept which Germany, fighting for the integrity of an ailing euro, has never forgotten. And it is the challenge that would face Athens after a Grexit from the eurozone. Inflation was used as a tool to keep unemployment low, despite it becoming clear that the economy would need to deal with its underlying post-war weaknesses sooner or later.
Don’t let the lower rating fool you. Specially recommended to those who know little about what happened at that time. Read it for what it is–a sobering story of what happens not just to a country and industry but to ordinary people when currency ceases to have value and citizens no longer have faith that it will be worth anything. He delves into the real lives of people, through their letters and diaries, and paints a vivid picture of destitution and despair. Women sold themselves on the street to feed their babies, thinking “better a live prostitute in the house than shen dead child.
And when Germany failed to make its payments, the French took by force the Ruhr, Germany’s key industrial region, meaning that there was even less chance of Germany ever paying its war debts. Havenstein of the Reichsbank, who cranked out more and more ridiculous denominations of banknote, until Germany was drowning in money worth practically nothing. Their aim was to return as far as possible to the pre-war status quo even if this imposed huge costs on debtors to the benefit of their creditors.
The former journalist fergusso about how he is enjoying an unexpected literary revival. Thankfully it takes its focus in hand better than most, this is a book about the hyperinflation, all else is just background and detail.
When Money Dies | Mises Institute
The tail goes faster than the dog. Dec 07, Matheus rated it it was amazing. Nov 16, Catherine rated it it was amazing. The solution was to introduce a new currency with a stable commodity base and to move the economy onto it, and to balance the books to reduce the need for deficit finance. Or, heck, so that maybe my family and I could do a little traveling ourselves rather than support someone else’s trips.
In the wake of the carnage of the first world war, the allied “victory” was accompanied by mutual destruction of wealth, loss of life, and the inevitable currency wjen of war. I had always assumed inflation meant “too much money in circulation. Its diction is a bit old fashioned without adding the magic that comes with that diction.
Published July 6th first published Another thing I’ll leave with you is a favorite quote from another writer, Henry Hazlitt, an American journalist on economics and moneh. But does that mean we’re headed for actual hyper inflation? First, the rate of inflation was enormous long before reparations were an issue.
They set up the game to win. The Weimar story certainly has relevant lessons. Nov 26, Andrei rated it it was ok.