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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They set up the game to win. The money kept being printed as long as the printers could print and the print workers could work. Society started to break up.

Adam Fergusson: When quantitative easing runs mad

The cover illustration for my edition is itself unsettling – a period photo of piles of money, as large as piles of leaves, being swept up in the street like garbage. Nevertheless it’s compelling, in a car-crash kind of way, because the reader knows that this story is the precursor to National Socialism and carnage beyond our imagination at that time.

Recent sales of the book were certainly helped by press reports in that a businessman from Holland had sent a copy to every member of the Dutch parliament: Great account of facts that led to hyperinflation in Germany post WWI. It’s a quick and dis read on a very sad topic. The main thing I got from the book was a much better sense how it happened: The proponents of “sound money” who were influential 30 odd years ago are no longer heard.

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 fies and comprehensive analysis and understanding of the situation.

When Money Dies: The Nightmare Of The Weimar Hyper Inflation

This is the stuff of nightmares, but it all happened. The Weimar inflation was so catastrophic in large part because the extraordinarily feeble German government was unable to act effectively and therefore left people with very little confidence in savings. Although not its intention, what the book demonstrates is the value of the European project in binding Europe into a common monetary framework that makes it easier for countries whose economy is in trouble to weather financial storms.


The standard response is that only through runaway inflation could she hope to settle her war reparations with France, which she would otherwise have no way of paying.

When Money Dies | Mises Institute

Written in the style of ” old school journalists”, who were uncomfortable with too much personal detail when grand events were covered. Poignant and detailed description of Germany’s nightmare with its s hyper-inflation, its causes, and its overwhelming impact on German society in a few short years. Very interesting, even to the layman. That would be highly unfair, given the multiple crises Germany was dealing with, to the extent that civil war and fragmentation into multiple states was a genuine possibility.

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. Inflation was used as a tool to keep unemployment low, despite it becoming clear that the economy would need to deal with its underlying post-war weaknesses sooner or later.

By November of Paperbackpages. When hyperinflation ended, it did so quite abruptly with the introduction of a new currency, the Rentenmark. It’s hard to imagine, living in modern Germany, how people could have been driven that low.

The whole thing is meticulously documented by Fergusson, who writes in the prologue: Nothing makes ordinary people question the nature of money so much as high inflation. Fergusson admits that he has a bit of a sourcing issue because he doesn’t have many official documents from the Republic, but still that’s a negative. Another thing I’ll leave with you is a favorite quote from another writer, Henry Hazlitt, an American journalist on economics and finance.

The result, whilst curbing inflation, was a massive drop in industrial production as German goods became more expensive on the world market leading to mass unemployment. That would be ,, It was first published injust four years after the Nixon administration had severed the last tie between gold and the U.

Money is no more than a medium of exchange.


I also wanted a bit more exposition on how the German people were duped by their Social Democrats. In other ways though I found the book to be a dry read, and I felt that it ferguusson really addressed to people who were already students of this period of German history and had a grasp of the people and events of that time.

An examination of the social effects of hyperinflation on the German people, it was written the better to understand the popular anxieties and behaviour that this phenomenon was then causing.

A producer cartel such as Opec can hike the price of a single commodity, like oil. Rather, they long for a new Weimar, in which paper currencies collapse, leaving fergisson as the only trusted store of value. Similar ventures by the Bank of England and the European Central Bank have hardly calmed those fears, since the efficacy of quantitative easing is so unsure and consequences still so unknown. More prosperous regions contemplated secession. Germany was not killed, but it had a near-death experience.

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By allowing us to see the effects and affects of the working class, middle class, industrial class, politicians and ambassadors, we get a very good picture of Germany’s devolution to the Rentenmark. Hard to fathom what it would be like to run your household budget when “an increase of wages granted at the end of one monye would not meet the rise in prices by the following Tuesday. The suffering, though, is very unequally distributed, and the injustice of the whole process is one of its most striking features.

I am left without a lasting message or image. This book should be required reading for every mandarin and flunkie in Westminster and around the world. When you hear about the over-printing of the Federal Reserve, there are parallels to America. Aug 11, Nick Lincoln rated it liked it Shelves: Order by newest diea recommendations.