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

ISBN-10: 1586489941
ISBN-13: 9781586489946
Edition: 2010
Authors: Adam Fergusson
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Description: When Money Diesis the classic history of what happens when a nationrs"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),  More...

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Book details

List price: $14.95
Copyright year: 2010
Publisher: PublicAffairs
Publication date: 10/12/2010
Binding: Paperback
Pages: 288
Size: 5.50" wide x 8.25" long x 0.75" tall
Weight: 0.638
Language: English

When Money Diesis the classic history of what happens when a nationrs"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. Germanyrs"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 countryrs"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. "Engrossing and sobering." -Daily Express(London)

Note to the 2010 edition
Prologue
Gold for Iron
Joyless Streets
The Bill Presented
Delirium of Milliards
The Slide to Hyperinglation
Summer of'22
The Hapsburg Inheritance
Autumn Paper-chase
Ruhrkampf
Summer of'23
Havenstein
The Bottom of the Abyss
Schacht
Unemployment Breaks Out
The Wounds are Bared
Epilogue
Acknowledgments
Bibliography
Index

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