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 Belgians, Yugoslavs and Czechs celebrated liberation from Nazi eies by replacing discredited currencies. Goodreads helps you keep track of books you want to read. Society started to break up. She indirectly bears responsibility for the conditions that gave rise to National Socialism and Adolf Hitler.
But, he says, all periods of high inflation — however harsh — involve the same moral slide. It is fatal in the end, but it gets its votaries over many difficult moments. The whole thing is meticulously documented by Fergusson, who writes in the prologue: It shows that any currency can be compromised, hopes dashed and fortunes fail Third, it was correctly recognized that, although customs receipts by the Allies were perforce in paper money, reparations had to be paid either in kind or in gold equivalents: Show me someone who’s concerned about inflation; I’ll have found another who will be fascinated with this book.
To paraphrase, ” Hitler did not cause hyperinflation, but he rose to power on its effects. Few tears died shed for the Reichsmark when it was retired in favour of the Deutschmark in June As it was published in Britain init may well be viewed as a monfy about the inflation then taking place.
Had cooler heads prevailed, had the warring nations gotten beyond their greed for imperialism, had they kept their hands off the Ottoman Empire, had Churchill not switched the Royal Navy to oil fuel leading the world into fos Dry, convoluted. It is just unfortunate that a Fergusson is an eloquent writer, and chose a fascinating topic–one I knew virtually nothing about. The author’s account of the crackpot determination of the President of the Reichsbank, Havenstein, to handle runaway inflation by printing an avalanche of banknotes of ever-increasing denominations and of the accompanying bemused observations on this insanity in the letters and diaries of Britain’s Lord d’Abernon he wrote that one of Havenstein’s speeches ‘pressed into the shortest space the maximum number of fallacies and errors’ would be comic were its outcome not so tragic.
His view is that most of the political and financial leaders truly didn’t understand the relationship between the hyperactive printing press and inflation.
Adam Fergusson: When quantitative easing runs mad
Germany was not killed, but it had a near-death experience. Specially recommended to those who know little about what happened at that time.
But why does he think the book has struck a chord now? In really bad inflations both things happen, as panic-stricken consumers rush to spend wheelbarrows of money.
Until I was halfway through, I didn’t know about the recent resurgence of interest in the book. I find that it really helps put hitler in a wider context with germany at the time.
The writing alternates between confusing messes of exchange rates and prices to over-the-top sections that look like they were edited by replacing every second word with a more pretentious one from a thesaurus: Want to Read saving….
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
No trivia or quizzes yet. Another thing I’ll leave with you is a favorite quote from another writer, Henry Hazlitt, an American journalist on economics and finance. Meanwhile, as corruption spread where previously it had been unthinkable, as mutual jealousies and suspicions mounted mojey citizens, classes, regions and families, as crime and black markets multiplied, tax collection became meaningless and coherent government futile.
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. As I confirm that the FT will be paying, ferguason scan the menu but, alas, there is no lobster.
Lunch with the FT: Adam Fergusson | Financial Times
Havenstein of the Reichsbank, who cranked out more and more ridiculous denominations of banknote, until Germany was drowning in money worth practically nothing.
Williams, a longtime statistician with the U.
And little so distresses and disrupts a society as loss of trust in its national currency or of confidence in those who issue or corrupt it. Petrol was siphoned from the tanks of motorcars, barter was already a usual form of exchange; but now commodities such as brass and fuel were becoming the currency of ordinary purchase and payment.
A producer cartel such as Opec can hike the price of a single commodity, like oil. Jan 05, George rated it it was amazing. The simple fact whfn insanity is often sprinkled in with these numbers and is am excellent ferguseon to set your mind. US Show more US links. As always, with my paltry education in economics, some of the explanations go over my head.
Recent sales of the book were certainly helped by press reports in that a businessman from Holland had sent a copy to every member of the Dutch parliament: Jan 04, Lisa Cindrich added it Shelves: It often makes it more profitable to speculate than to produce. It’s hard to imagine, living in modern Germany, how people could have been driven that low.
Adam Fergusson: When quantitative easing runs mad | Books | The Guardian
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.
World Show more World links. It must be a couple of times each chapter where he lists how much the price of a loaf of bread or a cup of aram went up. Quantitative easing is printing money by any other name. The standard response is that only through runaway inflation could she hope to settle her war reparations with France, which she would otherwise have no way of paying.
These were the real effects of hyperinflation in Germany, as well as Austria and Hungary, in the wake of the peace treaties, and their stringent conditions, signed after World Wa Political assassinations, an income that even when paid daily was worthless by the afternoon, and roving gangs of starving urbanites stripping the farmers of their produce and leaving destruction in their wake. According to writers like James Turk of GoldMoney. Topics History books Paperback writer.
Adam Fergusson weaves the economic history and actions of the Fergussin Republic bad together with the things that were done to postwar Germany by France worse and the pain it caused to Germans brutal. A clear and concise analysis of the events surrounding Germany’s currency post-WWI.