When Money Dies by Adam Fergusson
The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany

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Synopsis

When Money Dies is the classic history of what happens when a nation’s currency depreciates beyond recovery. In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy. Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt. People watched helplessly as their life savings disappeared and their loved ones starved. Germany’s finances descended into chaos, with severe social unrest in its wake.

Money may no longer be physically printed and distributed in the voluminous quantities of 1923. However, “quantitative easing,” that modern euphemism for surreptitious deficit financing in an electronic era, can no less become an assault on monetary discipline. Whatever the reason for a country’s deficit—necessity or profligacy, unwillingness to tax or blindness to expenditure—it is beguiling to suppose that if the day of reckoning is postponed economic recovery will come in time to prevent higher unemployment or deeper recession. What if it does not? Germany in 1923 provides a vivid, compelling, sobering moral tale.

 

About Adam Fergusson

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Published October 12, 2010 by PublicAffairs. 288 pages
Genres: Business & Economics, History, Education & Reference, Travel, Professional & Technical. Non-fiction

Unrated Critic Reviews for When Money Dies

The Wall Street Journal

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Rent was payable in butter, a ticket to the movies with a lump of coal.

Dec 30 2010 | Read Full Review of When Money Dies: The Nightmar...

The Wall Street Journal

See more reviews from this publication

Rent was payable in butter, a ticket to the movies with a lump of coal.

Dec 30 2010 | Read Full Review of When Money Dies: The Nightmar...

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