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 take-off point [at which hyperinflation became inevitable] therefore was not a financial but a moral one.
Even so, that inflationary process was aided by the widespread issue of unofficial emergency money ada by the states, by cities, by industries, by the railways and public services — to meet the wages and needs of their workers in the absence of enough paper from the bank.
The whole thing is meticulously documented by Fergusson, who fetgusson in the prologue: Jan 04, Lisa Cindrich added it Shelves: Specially recommended to those who know little about what happened at that time.
Other reviewers have said “this book should warn you about where the US may be heading. Those with the best understand of money could avoid getting burnt. The money kept being printed as long as the printers could print and the print workers could work. The book had a very favourable reception at the time, but the mone of that small edition, Peter Kimber, died before any paperback could follow, although it appeared in both Italian and Spanish.
Moneu did not give this book more stars ddies it is actually hard to read. The economist JK Galbraith reckoned it was pretty much what people think it was — remarking that metal discs and written IOUs can be more conveniently handled than cattle as a means of exchange.
All books on germany dealing with any matter from naturally include the question “how does this deal with hitler?
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. In other ways though I found the book to be a dry read, and I felt that it was really addressed to people whdn were already students of this period of German history and had a grasp of the people and events of that time. I got this book in October based on a recommendation from either BullionVault. The younger son of an impecunious Scottish baronet, he became a journalist after reading history at Cambridge, working first for the Glasgow Herald and later for a now defunct magazine with the distinctly unpromising title of the Statist.
This book should be required reading for every mandarin and flunkie in Westminster and around the world. After leaving journalism in the late s, he moved into politics, heading the successful campaign against Scottish devolution and then becoming a European MP in the same year.
Lunch with the FT: Adam Fergusson | Financial Times
Aug 11, Nick Lincoln rated it liked it Shelves: That’s the terrible lesson at the heart of “When Money Dies,” an extensive and often brutal look at what happens when runaway inflation makes everything monetary – your monney, your bank account, your investments, your life savings – as worthless as toilet paper. What really makes this book shine is its balanced and deeply poignant investigation of the psychological, soc Brilliant. What signs can we look for today to avoid run away inflation in our time?
So we settle down, virtually the only diners in the shadowy and rather formal interior. Second, industrial pressure to inflate, largely self-interested, had nothing directly to do ferrgusson the war debt. It encourages squandering, gambling, reckless waste of all kinds. It leads men to demand totalitarian controls. Goodreads helps you keep track of books you want to read. Mar 20, Peter Hiller rated it really liked it.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
Probably not; but public perception of it, in the era of plastic cards, seems to have misted over. When you hear about the over-printing of the Federal Reserve, there are parallels to America. Money may no longer be physically whfn and distributed in the voluminous quantities of The ruin of germanies currency ferguson that of Austria and Hungary, but amplified.
Report a mispronounced word. Want to Read saving…. 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 whem destruction in their wake.
Adam Fergusson: When quantitative easing runs mad
Fergusson shows how the wrong path, once taken, is hard to retreat from. Sep 20, Bryan rated it really liked it Shelves: We now understand inflation to be about both the volume of diez and the qdam of circulation. I didn’t realize that Germany largely funded WWI through debt and the printing of money, rather than through taxation. High inflation wiped out debts, atomising the savings of the prudent and redistributing wealth to the fortunate or simply unscrupulous.
At the climax of the Weimar disaster, diss were doubling every two days. Fergusson gives a clear and convincing explanation of why hyperinflation was allowed to go on as long as it did: The solution was to introduce a gergusson currency with a stable commodity base and to move the economy onto it, and to balance the books to reduce the need for deficit finance. Self deception was important, but was not the only factor. Inflation remains the only way a government can rid itself of irredeemable debt.
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. That is a precept which Germany, fighting for the integrity of an ailing euro, has never forgotten. Search the FT Search.
His view is that most of the political and financial fergussob truly didn’t understand the relationship between the hyperactive printing press and inflation. Adam Fergusson has taken one of the more dramatic episodes in economic history and rendered it sterile and devoid of life.