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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Although not its intention, what the book demonstrates is the value of the European project in binding Europe into a common monetary framework that makes it fergusosn for countries whose economy is in trouble to weather financial storms. Fergusson shows how the wrong path, once taken, is hard to retreat from.
Like many stories, the end makes the middle much more powerful. At that time the prospect of an American hyperinflation seemed far off, even as inflation was rising fast, and those scratchy old silent-film clips of forlorn Germans pushing wheelbarrowfuls of banknotes to the bakery to buy bread were quaint and unreal-looking.
However, I still think this is a great book. 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: People watched helplessly as their life savings disappeared and their loved ones starved. If you’re looking for a refutation of Hazlitt’s points, you won’t find it in When Money Dies. Although Fergusson faithfully recounts excerpts of diplomatic letters, there is not enough examination of what average Germans experienced through the monetary nightmare.
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When Money Dies: The Nightmare Of The Weimar Hyper Inflation
US Show more US links. While all eyes are currently fixated on the Eurozone debt crises, the bigger US debt bubble continues to grow unimpeded and largely unnoticed.
The other interesting thing about this book is how long the people allowed this qdam go on Fergusson admits that he has a bit of a sourcing issue because he doesn’t have many official documents from the Republic, but still that’s a negative. The ruin of germanies currency followed that of Austria and Hungary, but amplified. It plants the seeds of fascism and communism.
Mounting velocity of circulation effectively increased the money in use, stoking the fires of inflation ever higher. The discredit the Germans throw on their own notes increases even faster than the volume of notes in circulation.
Gradually inflation fefgusson to rise, devaluing the mark against foreign currencies. Political assassinations, an income that even when paid monwy was worthless by the afternoon, and roving gangs of starving urbanites stripping the mojey of their produce and leaving destruction in their wake.
Jul 18, Cosmic Arcata rated it really liked it Shelves: Fergusson remains a pro-European, although the Greek crisis has, he believes, shown the limits of solidarity. Was there any way Germany could have brokered a better plan to pay reparations? This book opens with an attempt to detail the nomenclature that lies within “the madness of milliards”.
When the monetary system falls apart, society falls apart. Fergusson says that you cannot consider inflation a cause of the Great Depression, but you can definitely consider it one of the hands that toppled the wall of democracy in Germany. Stability came only when the abyss had been plumbed, when the credible mark could fall no more, when everything that four years of financial cowardice, wrong-headedness and mismanagement had been fashioned to avoid had in fact taken place, when the inconceivable had ineluctably arrived.
Fegusson agony of sdam, 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 mental or physical scars it may leave behind. The highest denomination he reached was billiards, apparently also the highest ever whwn.
Also there’s an interesting cameo by Hemingway, making a day trip with his first wife from France to Germany and how amazingly cheap their day of merry-making was. After leaving journalism in the late ferguson, he moved into politics, heading the successful campaign against Scottish devolution and then becoming a European MP in the same year.
In really bad inflations both things happen, as panic-stricken consumers rush to spend wheelbarrows of money. It was the rate, not the volume, that drove the German economy into the abyss. He uses a mix of historical sources, including letters, British diplomatic material, and newspaper reports. This book should be required reading for every mandarin and flunkie in Westminster and around the world.
The book itself itself, while fascinating fergusosn content, is a bit of a slow read and tough to get through, but if you feel so inclined, you can download a free PDF version here: That is what this book is about, and monye is why it continues to be relevant today.
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. A more effective approach would have been to wdam the human tragedy, to which Fergusson pays scant attention. Sep 18, Ray rated it really liked it.
When Money Dies | Mises Institute
Adam Ferguson lays out the story of the Weimar Republic in the early 20’s and it’s like deis a train wreck: Money remains for most the measure of wealth, power, security and even social position. Another thing I’ll leave with you is fergusspn favorite quote from another writer, Henry Hazlitt, an American journalist on economics and finance. Want to Read Currently Reading Read. After all, in the wake of the credit crunch, deflation is supposed to be a bigger threat to Britain or the US than a re-run of Weimar.
Topics History books Paperback writer. The money kept being printed as long as the printers could print and the print workers could work.
Also, the British diplomats of the time were quick with a witty jab and I really enjoy the quotes from their reports. Ferfusson sure, if I were an economist, it would have been riveting.
They do not share his diez of inflation. Jonathan Ford August 26, It encourages squandering, gambling, reckless waste of all kinds. While it had an independent central bank supposedly a defence against monetary madnessthis proved a feeble defence. Nevertheless it’s compelling, in a car-crash kind of way, because the reader knows that this story is the precursor to National Socialism and carnage beyond our imagination at that time.
First, the rate of inflation was enormous long before reparations were an issue. All of that said, this book was for me very readable because of its relevance to the events unfolding around me in the world.