When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany - Paperback
When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany - Paperback
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by Adam Fergusson (Author)
The classic history of the political and economic devastation wrought by runaway inflation in Weimar Germany--"brilliant" (Guardian)
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.
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.
Author Biography
Adam Fergusson is a British journalist and former member of European Parliament. He has written for The Times, The Glasgow Herald, and the Statist, and has written three novels and two nonfiction titles. He lives in London.
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