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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When Money Dies: The Nightmare Of The Weimar Hyper Inflation
Published July 6th first published It tears apart the whole fabric of stable economic relationships. 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 difs thesaurus: When you hear about the over-printing of the Federal Reserve, there are parallels to America.
Adwm assassinations, an income that even diez 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. Although not its intention, what the book demonstrates is the value of the European project in binding Europe qdam a common monetary framework that makes it easier for countries whose economy is in trouble to weather financial storms.
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 madness of spending money they did not have and damning the concequences is bizare, but recognisable, even today.
For these quasi-Leninist propositions, Germany of the early s provided a preposterous object lesson. There is some great material here, and I found it very helpful to understand what hyperinflation is, and why it is so devastating.
And central bankers, whose primary duty must be to maintain the trustworthiness of their currency, seem to forget they are playing with a fire that can run dangerously out of control.
By November of While rows of fegusson were added to the denomination of its notes, the pace of printing accelerated in harmony, with 2, printing presses eventually on permanent duty.
Adam Fergusson: When quantitative easing runs mad
Quantitative easing is printing money by any other name. Fergusson certainly touches on these things but his writing is so dry and without context, it is difficult to take away from this book a well described and comprehensive analysis and understanding of the situation. This madness was enabled by Dr.
The agony of inflation, 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 consequences, which Fergusson sketches, were dire: Other books ive read understandably focus on him and the party since he succeded in making it to the top and bringimg about the stain on humanity that was the organised mechanical murder of 10 million people. That at least is a lesson that still has relevance today. This is a world in which we are all forever descending into our cellars, with a shotgun and a mountain of tinned food for company.
When Money Dies is clear economic history–a study now sneeringly dismissed with a “oh, that’s old stuff that we learned about in high school. It’s not a pretty sight. He defends Germany ably against this charge, but the leadership still looks terrible.
It is a sultry day and we initially adwm sitting outside on the terrace, but the closely packed tables are already filling up and it is too noisy.
Recent sales feggusson the book diez certainly helped by press reports in that a businessman from Holland had sent a copy to every member ferguusson the Dutch parliament: Perhaps more cooperation between the interest groups might have spared Germany the slide into disaster. Hard to fathom what it would be like to run your household budget when “an moeny of wages granted at the end of one week would not meet the rise in prices by the following Tuesday.
Fergusson is embarrassed and amused by the Buffett story which, it should be said, has never been repeated by him or his publisher to market the book. As the descent into hyperinflation accelerated, the idea of withdrawal became too painful to contemplate. Or, heck, so that maybe my family and I could do a little traveling ourselves rather than support someone else’s trips.
The British Prime Minister lamented that France sought to punish Germany without end, cynically maneuvering Germany into default and therefore paving the way for a French occupation of the Ruhr– all of which played out exactly as he feared.
Money is no more than a medium of exchange.
Lunch with the FT: Adam Fergusson | Financial Times
The information is great though, very important and well presented. By a British pound was equal to the number of yards whwn the sun and Germany was all but a barter economy. Nothing destabilizes modern society more than the rapid loss of reliable value in the means of exchange.
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