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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Their aim was to return as far as possible to the pre-war status quo even if this imposed huge costs on debtors to the benefit of their creditors. Goodreads helps you keep track of books you want to read.
Adam Fergusson: When quantitative easing runs mad
Not that that really worked out, anyway. 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.
Nothing makes ordinary people question the nature of money so much as high inflation. For those aware of what hyperinflation is, the possibility of experiencing it for ourselves is becoming ever more plausible and imminent. The meandering passages could do a bit better, and I think the chapter definitions are off. 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.
No expenditure is too frivolous. These were the real effects of hyperinflation aeam Germany, as well as Austria and Hungary, in the wake of the peace treaties, and their stringent conditions, signed after World War 1. To paraphrase, ” Hitler did not cause hyperinflation, but he rose to power on its effects.
It encourages squandering, gambling, reckless waste of all kinds. Jan 05, George rated it it was amazing. The solution was to introduce a new currency with a stable commodity base and to move the economy onto it, and to balance the fergueson to reduce the need for deficit finance.
Mar 20, Peter Hiller rated it really liked it. The most I was able to glean from this book was a couple nuggets of historical knowledge and insight. Money may no longer be physically printed and distributed in the voluminous quantities of The German government chose to print money after the war to finance huge fiscal deficits because it feared that if it raised taxes and sold bonds, the economy would buckle under the strain, leading to mass unemployment ferhusson social unrest that could undermine the young German republic.
Understanding of how devaluation, wild unthinking ignorance of runaway monetary manipulation, and even problems of deficit spending seems but an fergussln ghost imagined beneath our beds. Aug 11, Nick Lincoln rated it liked it Shelves: Mar 16, Richard rated it it was amazing Shelves: Mounting velocity of circulation effectively increased the money in use, stoking the fires of inflation ever higher.
And central bankers, whose primary qdam must be monry maintain the trustworthiness of their currency, seem to forget they are playing with a fire that can run dangerously out of control. Probably not; but public perception of it, in the era of plastic cards, seems to have misted over. Hard to fathom what it would be like to run your household budget when “an increase of wages granted at the end of one week would not meet the rise in prices by the following Tuesday.
Fergusson gives a clear and convincing explanation of why hyperinflation was allowed to go on as long as it did: She indirectly bears responsibility for the conditions that gave rise to National Socialism and Adolf Hitler. He assumes a knowledge of the time and place that addam my case was lacking, which made the reading tougher going. Fergusson shows how central whne the social contract is trust in the soundness of money. Whenever life seemed like it couldn’t get any worse, it did, consistently, month after month for years on end.
His narrative suffers from an over-reliance upon the historical perspective described by Toynbee: Unfortunately the book has some glaring deficiencies in my view. An even handed, almost academically detached yet erudite and deeply insightful treatment of Germanys’ years of debt, inflation and hyperinflation from to Germany was in an impossible position, with a country and population destroyed by war, and diies to pay reparations to France that it simply could not afford.
This book is rather old, but to have better defined the reason for the rage that Framce amd Belgium felt over the occupations they suffered would have made the narrative more logical, since these knd of stories tend to have imdividuals brushed asod as “this guy was an ass, look at what he did” when i reality theyofte had adan reasons.
However, I still think fergsson is a great book.
When Money Dies | Mises Institute
Opinion Show more Opinion links. Jonathan Ford August 26, Heavy on numbers and written in a dry, detached mney, this can dkes a bit of a slog at times. But, he says, all periods of high inflation — however harsh — involve the same moral slide. Meanwhile, as corruption spread where previously it had been unthinkable, as mutual jealousies and suspicions mounted between citizens, classes, regions and families, as crime and black markets multiplied, tax collection became meaningless and coherent government futile.
Indeed, France emerges as being more responsible for German suffering than has been previously described.