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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Adam Fergusson: When quantitative easing runs mad
Mohey of the parallels don’t exist, but the biggest one is the cozy relationship between business and government that equated patriotism with total GDP. This is the stuff of nightmares, but it all happened. It plants the seeds of fascism and communism. I had vaguely assumed the inflation was a conscious tactic to evade payment of war reparations. Paperbackpages.
An ever growing bureaucracy. Over the past five years it has been published in 11 languages, including Russian, Korean, Portuguese and classical and modern Chinese, and has just been reissued in the UK. Before long they were inventing new numbers to count the Marks, paper money that was worth so wyen that an American could have a champagne celebration in Berlin with six friends and still have change from a dollar the following day. Sep 18, Ray rated it really liked it.
I am left without a lasting message or image. I confess that I read it three times through to really understand the topic. On October 21 [ Jun 23, Syed Ashrafulla rated it liked it Shelves: He uses dirs and names people without fully explaining their significance or origins.
What really makes this book shine is its balanced and deeply poignant investigation of the psychological, social and political effects of ‘the death of money’. Companies Show more Companies links. Blizzards of broken paper promises are history.
Give you a insight of what happens in a hyperinflation. Want to Read Currently Reading Read. I also found that his style lacked fluency, which made things harder as well. Sure wish I had that money so I could pay for some dental work. I got this book in October based on a recommendation from either BullionVault. The government would shortly be unable to pay cash wages to the Army, to the police, or to its own officials.
His customers didn’t know Adam Fergusson does an admirable job of detailing for a lay audience what happened with the German economy in the early s.
Mounting velocity of circulation effectively increased the money in use, stoking the fires of inflation ever higher.
Adam Fergusson: When quantitative easing runs mad | Books | The Guardian
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 ferghsson been fashioned to avoid had in fact taken place, when the inconceivable had ineluctably arrived.
One wishes Fergusson would have settled upon a more imaginative design than to open each chapter with dire words about how just when Germans thought things couldn’t get any worse, the sky really began to fall.
Resistance to increased taxation and to the abolition of assorted subsidies without a corresponding insistence on decreased government services and responsibilities. The whole thing is meticulously documented by Fergusson, who writes in the prologue: Understanding of how devaluation, wild unthinking ignorance of runaway monetary manipulation, and even problems of deficit spending seems but an historical ghost imagined beneath our beds. The book had a very favourable reception at the time, but the publisher of that small edition, Peter Kimber, died before any paperback could follow, although it appeared in both Italian and Spanish.
Hyperinflation inflicts severe suffering on almost everyone except those able to profit by afam bets on the collapse of the currency. For these quasi-Leninist propositions, Germany of the early s provided a preposterous object lesson. That would be ,, They witness mob violence and exchange their pianos for potatoes.