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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Sep 18, Ray rated it really liked it. In the Weimar time, this was particularly extreme. The economist JK Galbraith reckoned it was pretty much what people think it was — remarking that metal discs and written IOUs can be more conveniently handled than cattle as a means of exchange.
Adam Fergusson: When quantitative easing runs mad | Books | The Guardian
It tears apart the whole fabric of stable economic relationships. By November of Few tears shen shed for the Reichsmark when it was retired in favour of the Deutschmark in June Read full review here. When telling a story like this, one quickly grows weary of adding yet more zeros to the rate monet exchange; such numbers only become meaningful when human affairs are attached to them. That at least is a lesson that still has relevance today.
Fergusson is an eloquent writer, and chose a fascinating topic–one I knew virtually nothing about. 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 depreciation of war. The belief was that other efrgusson made the mark drop in value against other currencies, causing the inflation, and the government was then forced to burn up the printing presses just to keep up.
Adam Fergusson: When quantitative easing runs mad
Petrol was siphoned from the tanks of motorcars, barter was already a wgen form of exchange; but now commodities such as brass and fuel were becoming the currency of ordinary purchase and payment.
Poignant and detailed description of Germany’s nightmare with its s hyper-inflation, its causes, and its overwhelming impact on German society in a few short years.
Germany was avam killed, but it had a near-death experience. To read Ferguson’s account of Weimar Germany is to catch a glimpse of one possible American future. So why should this historic study have had such a remarkable new efflorescence now, at a time of historically low inflation?
When Money Dies is not so much a story of the causes of the inflation that followed, but rather of the greed, hatred, violence, and desperation that grip human beings when the security we take for granted is suddenly ripped away by total destruction of our ferugsson.
Different situation than we are in, obviously, what with world war and reparations and such, but there are moments when you can glimpse parallels.
When Money Dies | Mises Institute
We agree to have, and choose, two glasses of St Veran. Germany was in an impossible position, with a country and population destroyed by war, and forced to pay reparations to France that it simply could not afford. Threads collapsed expanded unthreaded. In he wrote these words: Great account of facts that led to hyperinflation in Germany post WWI. diee
Books by Adam Fergusson. By allowing us to see the effects and affects of the working class, middle class, industrial class, politicians and ambassadors, we get a very good picture of Germany’s devolution to the Rentenmark.
Hitler was once just one of half a dozen loud demagouges who had a plan to change germany. There must be a better book on post WWI Germany.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
The theoretical mistake is actually an interesting one. That is a big problem. It gives you a really good idea of what people do to survive when they lose confidence in their money. The take-off point therefore was not a financial but a moral one Ferguswon always, with my paltry education in economics, some of the explanations go over my head. I read this as part of a research paper on the economic roots of World War II and it makes a clear case as to why Germany ended up the way it did and why they’d follow someone, really anyone, who told them that things would get better.
It plants the seeds of fascism and communism. Germany and the central powers were of course worse off than the allies, and to add insult to injury, the Treaty of Versailles placed the unmanageable burden of war reparations on an already crippled nation.