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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It soon became 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 worth half that at the start.
Dec 22, Sagar Jethani rated it it was ok Shelves: Fergisson was the foreign editor until it closed inwhen he moved to The Times as a feature writer, specialising in economic affairs. And while Fergusson’s topic is not really the cause of the hyperinflation, he does eventually come out and say that fies reparations probably had nothing to do with it.
In really bad inflations both things happen, as panic-stricken consumers rush to spend wheelbarrows of money. And the mainstream media continues to spread this misinformation, just as they did in the ‘s. The other interesting thing about this book is how long the people allowed this diea go on Either a greater volume of money must be chasing the same quantity of goods, or the same quantity of money must be circulating with greater velocity.
The Weimar story certainly has relevant lessons.
When Money Dies | Mises Institute
All books on germany dealing with any matter from naturally include the question “how does this deal with hitler? The most I was able to glean from this book was a couple nuggets of historical knowledge and insight.
Fergusson gives a clear and convincing explanation of why hyperinflation was allowed to go on as long as it did: Hungry townspeople went on raids into the countryside, slaughtering livestock, which they then addam off. Although not directly responsible for the rise of National Socialism, Fergusson makes a good case that the turbulence of economic circumstance, the disenfranchisement of the middle classes, and the rise of unemployment helped provide the conditions within which it could grow.
Mounting velocity of circulation effectively increased the money in use, stoking the fires of inflation ever higher.
Lunch with the FT: Adam Fergusson | Financial Times
Before long they were inventing new numbers to count the Marks, paper money that was worth so little that an American could have a champagne celebration in Berlin with six friends and still have change from a difs the following day.
Ad People who think “money is overrated” should try not having any. Get a fresh start. I didn’t realize that Germany largely funded WWI through debt and the printing of money, rather than through taxation. While rows of noughts were added to the denomination of its notes, the pace of printing accelerated in harmony, with 2, printing presses eventually on permanent duty.
What signs can we look for today to avoid run away inflation in our time? The German government blithely printed more and more money railroad boxcars full of it, toward the end and prices for everything – most notably, food – increased beyond comprehension. What is most interesting and valuable about it is the first hand accounts of the massive distortions in the economy in general, and prices in particular By November of Fergusson says that you cannot consider inflation a cause of the Fergsson Depression, but you can definitely consider it one of the hands that toppled the wall of democracy in Germany.
Jan 05, George rated it it was amazing.
For instance, Bavaria’s leadership, in the face of economic catastrophe, proceeded to double whe annual subsidy for encouraging the pursuit of gymnastics. It’s hard to imagine, living in modern Germany, how people could have been driven that low.
I was dissappointed I did not come away with a comprehensive understanding of the political characters, their decisions and influences and the people, that will resonate with me for a long time to come. Want to Read saving….
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
I had vaguely assumed the inflation was a conscious tactic to evade pa It’s a quick and engrossing read on a very sad topic.
People watched helplessly as their life savings disappeared and their loved ones starved.
Comfortably off, if not rich, through marriage to the descendant of a South African randlord, he bought Krugerrands and some pictures on the advice of his broker — with mixed success. In he wrote these words: 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. Markets Show more Markets links.