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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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.
Comments have not been enabled for this article. The agony of inflation, however prolonged, is perhaps somewhat similar to acute pain – totally absorbing, demanding complete attention while it lasts; forgotten or ignorable when it has gone, whatever dirs or physical scars it may leave behind. That said, I wish the book had a bit more formal economics to explain what happened; as it is, the reader is left sharing some of the confusion that the contemporaries did.
Prices in Weimar Germany reached stratospheric levels by the autumn ofbut the currencies of Austria, revolutionary Russia and fledgling Poland were ruined as well. It’s a tough slog of a read because it is not really a story but a collection of first-hand accounts joney people living in Germany and Austria at the time, and what they experienced as they wrote about it in diaries and memos.
This book should be required reading for every mandarin and flunkie in Westminster and around the world. The allies demanded payment in gold or goods, not paper. For most, degree of necessity became the sole criterion of value, the basis of everything from barter to behavior.
When Money Dies | Mises Institute
When telling a story like this, one quickly grows weary of adding yet more zeros adma the rate of exchange; such numbers only become meaningful when human affairs are attached to them. Blizzards of broken paper promises are history. The payments to the allies under the Versailles Treaty hung heavily on the struggling economy.
The printing was an attempt to get ahead of this problem and ensure adequate wben currency. Adam Fergusson does an admirable job of detailing for a lay audience what happened with the German economy in the early s.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation by Adam Fergusson
Probably not; but public perception of ferguason, in the era of plastic cards, seems to have misted over. Opinion Show more Opinion links. Williams, a longtime statistician with the U. Report a mispronounced word. What was especially interesting about the epilogue is that the author explored the charge made against Germany that the government, in the face of reparations and debt, deliberately inflated the money, to inflate away those debts.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
Don’t let the lower rating fool you. They set up the game to win.
The highest denomination he reached was billiards, apparently also the highest ever printed. High miney wiped out debts, atomising the savings of the prudent and redistributing wealth to the fortunate or simply unscrupulous.
I am left without a lasting message or image. It is hard to tell what effect these measures may have when the economy grows again. In the Weimar time, this was particularly extreme. It was first published in when I first read it; the United States contemporary economic malaise led me back to it.
I confess that I read it three times through to really understand the topic. You never know you might just have to live through a hyperinflation yourself one day! One cannot help but feel that a more visceral account of the Weimar hyper-inflation will one day be told. Third, it was correctly recognized that, although customs receipts by the Dids were perforce in paper money, reparations had to be paid either in kind or in gold equivalents: Jan 04, Lisa Cindrich added it Shelves: The meandering passages could do a bit better, and I think the chapter definitions are off.
This book left me with the impression that, in normal circumstances, governments are perfectly capable of controlling inflation. Nov 26, Andrei rated it it was ok.
Adam Fergusson: When quantitative easing runs mad
Its diction is a bit old fashioned without adding the magic that comes with that diction. Money remains for most the measure of wealth, power, security and even social position.
Rather, they long for a new Weimar, in which paper currencies collapse, leaving gold as the only trusted store of value. Hyperinflation inflicts severe suffering on almost everyone except those able to profit by making bets on the collapse of ferguusson currency.
Sure wish I had that money so I could pay for some dental work. They do not share his horror of inflation. When hyperinflation ended, it did so quite abruptly with the introduction of a new currency, the Rentenmark.
This book did not meet my expectations. Fergusson wrote When Money Dies in the early s when the British economy was buckling in the wake of the first oil shock — which killed growth and pushed prices up. At that time the prospect of an American hyperinflation seemed far off, I got this book in October based on a recommendation from either BullionVault. In he wrote these words: It plants the seeds of fascism and communism.
There must be a better book on post WWI Germany.