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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Close Financial Times International Edition. Fergusson remains a pro-European, although the Greek crisis has, he believes, shown the limits of solidarity.
The book, too, is totally absorbing.
At the climax of the Weimar disaster, prices were doubling every two days. The information is great though, very important and well presented.
A cinema seat cost a lump of coal.
Stability came only when the abyss had been plumbed, when the credible mark could fall no more, when everything that four years of asam cowardice, wrong-headedness and mismanagement had been fashioned to avoid had in fact taken place, when the inconceivable had ineluctably arrived. The tail goes faster than the dog. It makes it all the more poignant and scary when these people are so much like you, with investments, and savings, and houses, and you see those lives rapidly fall apart as their savings become pennies, their hopes and futures become nothing and their homes and heirlooms become the only things that have value and can be traded for the basic necessities of life.
It started life as a series of articles in The Times that drew whenn the Weimar story in order to warn Britain off the inflationary track. 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. Personal Finance Show more Personal Finance links.
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vies Fergusson wrote When Money Dies in the early s when the British economy was buckling in the wake of the first oil shock — which killed growth and pushed prices up.
She indirectly bears responsibility for the conditions that gave rise to National Socialism and Adolf Hitler. Whenever life seemed like it couldn’t get any worse, it did, consistently, month after month for years on end.
The fake, attributed to the French impressionist, Stanislas Lepine, was only exposed 20 years later when Fergusson sought to sell it. 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. Like many stories, the end makes the middle much more powerful. He assumes a knowledge of the time and place that in my case was lacking, which made the reading tougher going.
Show me someone who’s concerned about inflation; I’ll have found another who will be fascinated with this book. 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. He uses a mix of historical sources, including letters, British diplomatic material, and newspaper reports.
Was looking for conclusions by the author as lessons of what not to do. To paraphrase, ” Hitler did not cause hyperinflation, but he rose to power on its effects.
Herr von der Osten kept a girlfriend in the provincial capital, for whose room in he had paid half a pound of butter a month: That would be ,, What was especially interesting about the epilogue is that the author explored the charge made against Germany that the government, in the face of reparations and debt, deliberately inflated the money, to inflate away those debts. To ask other readers questions about When Money Diesplease sign up. This was not a strategy that the weak democracy of the Weimar Republic was able to sustain.
But as petrol prices increase, the price of cars should tend to fall. I don’t know how much longer we think we can run up trillion dollar deficits and still expect people to buy treasuries, but I do know that the party will eventually end, and it’s likely the Fed will respond with the only tool they have at their disposal – the printing press. The excuse – if there can be one – for politicians at that time was that there had not been such an experiment carried out before.
It is just unfortunate that a Fergusson is an eloquent writer, and chose a fascinating topic–one I knew virtually nothing about.
It ends invariably in bitter disillusion and collapse. The government would shortly be unable to pay cash wages to the Army, to the police, or to its own officials. Before long they were inventing new numbers to count the Marks, paper money that was worth so little that an American could have a champagne celebration in Berlin with six friends and still have change from a dollar the following day.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
The madness of spending money they did not have and damning the concequences is bizare, but recognisable, even today. Want to Read Currently Reading Read. There is some great material here, and I found it very helpful to understand what hyperinflation is, and why it is so devastating. The claim, he tells me, came from a Dutch hedge fund manager who attended the launch party, having purchased copies, which he said he would give to every member of the Dutch parliament and some top-flight bankers.
It has many parallels to today. Harder to understand than credit default swaps.
They witness mob violence and exchange mondy pianos for potatoes. The Belgians, Yugoslavs and Czechs celebrated liberation from Nazi tyranny by replacing discredited currencies. Ad People who think “money is overrated” should try not having any. Mar 16, Richard rated it it was amazing Shelves: The quantum was different, Fergusson agrees. It’s just not a topic that lends itself to “page-turners” in my opinion.
Fergusson is not an economist and When Money Dies is a social history rather than an economic tract.