12 Aug My summer vacation reading this year was “When Money Dies” by Adam Fergusson. Above the title, The Week called it “A timely warning of the. When Money Dies 06/01/Adam Fergusson mass quantities of money coinciding with a shortage of money, mania and hysteria coinciding with mass. When Money Dies: The Nightmare of the. Weimar Collapse by ADAM FERGUSSON. WILLIAM KIMBER — LONDON, Document Source: Ludwig von.
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Fergusson describes it from economic, social and political angles.
The Weimar aam certainly has relevant lessons. On October 21 [ Adam Fergusson has taken one of the more dramatic episodes in economic history and rendered it sterile and devoid of life. The discredit the Germans throw on their own notes increases even faster than the volume of notes in circulation.
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When Money Dies is not the only Fergusson book being republished. The whole thing is meticulously documented by Fergusson, who writes in the prologue: May 06, Rob Kitchin rated it really liked it. For instance, Bavaria’s leadership, in the face of economic catastrophe, proceeded to double the annual subsidy for encouraging the pursuit of gymnastics.
dhen The budgetary estimates included on every page the outrageous reminder, in brackets, that all figures were in quadrillions [fifteen noughts]. Understanding of how devaluation, wild unthinking ignorance of runaway monetary manipulation, and even problems of deficit Show me someone who’s concerned about inflation; I’ll have found another who will be fascinated with this book.
As the descent into hyperinflation accelerated, the idea of withdrawal became too painful to contemplate. The information is great though, very important and well presented.
When hyperinflation ended, it did so quite abruptly with the introduction of a new moeny, the Rentenmark. Inflation remains the only way a government can rid itself of irredeemable debt.
Adam Fergusson’s When Money Dies | Counter-Currents Publishing
For a fictional preview of what a hyperinflationary blowout might look like in Europe and the United States insee my novel Mister Iron Sky Publishing, More prosperous regions contemplated secession.
When you hear about the over-printing of the Federal Reserve, there are parallels to America. It encourages squandering, gambling, reckless waste of all kinds. 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.
Jan 05, George rated it it was amazing. 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. I also found that his style lacked fluency, which made things harder as well.
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Once these were gone, looting and farm raids was the next step for some. It mojey men to demand totalitarian controls. It’s a bit unnecessary after a while, when letters from real people can tell the story much better: Prices were very difficult to calculate and changed constantly; there seemed no hope of things getting better.
Farmers were, in fact, relatively well off until almost the end, as they were able to produce their own food. You never know you might just have to live through a hyperinflation yourself one day!
Contrary to any philosophic assumption, it was not a salutary experience.
When Money Dies: The Nightmare Of The Weimar Hyper Inflation
I am left without a lasting message or image. Show me someone who’s concerned about inflation; I’ll have found another who will be fascinated with this book. Third, it was correctly recognized that, although customs receipts by the Allies were perforce in paper money, reparations had to be paid either in kind or in gold equivalents: Also there’s an interesting cameo by Hemingway, making a day trip with his first wife from France to Germany and how amazingly cheap their day of merry-making was.
Those who survived and had benefited from the economic conditions were forced to adjust to the dull world of hard work, thrift, small profits, and taxes. It’s not really much of a cautionary tale, since the circumstances which led to hyperinflation in Germany, Austria and Hungary are not likely to visit the West again.
By early their prices peaked at more than twice the levels of Whenever life seemed like it couldn’t get any worse, it did, consistently, month after month for years on end. I had vaguely assumed the inflation was a conscious tactic to evade pa It’s a quick and engrossing read on a very sad topic. Until I was halfway through, I didn’t know about the recent resurgence of interest in the book.
Want to Read saving…. A more effective approach would have been to track the human tragedy, to which Fergusson pays scant attention.
It is fatal in the end, but it gets its votaries over many difficult moments. Order by newest oldest recommendations. Fergusson certainly touches on these things but his w This book did not meet my expectations.
Those with the best understand of money could avoid getting burnt. France and Britain were not about to be fobbed off with a large cheque from Germany in its own currency. Report a mispronounced word. By this time, Dr. The crises are likely to be similar in kind, but follow a different order. 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.
Subscribe to the FT. Perhaps more cooperation between the interest groups might have spared Germany the slide into disaster.