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

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

 

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Publisher Comments:

When Money Dies is the classic history of what happens when a nationandrsquo;s currency depreciates beyond recovery.and#160;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.and#160;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.and#160;Germanyandrsquo;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.and#160;However, andldquo;quantitative easing,andrdquo; that modern euphemism for surreptitious deficit financing in an electronic era, can no less become an assault on monetary discipline.and#160;Whatever the reason for a countryandrsquo;s deficitandmdash;necessity or profligacy, unwillingness to tax or blindness to expenditureandmdash;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.and#160;What if it does not?and#160;Germany in 1923 provides a vivid, compelling, sobering moral tale.

Product Details

ISBN:
9781586489946
Author:
Fergusson, Adam
Publisher:
PublicAffairs
Subject:
Finance
Subject:
General
Subject:
Business-Accounting and Finance
Subject:
Germany
Edition Description:
Trade Paper
Publication Date:
20101031
Binding:
TRADE PAPER
Language:
English
Illustrations:
none
Pages:
288
Dimensions:
8.25 x 5.5 in

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Related Subjects

Business » Accounting and Finance
Business » General
Business » History and Biographies
Business » Management
Business » Writing
Fiction and Poetry » Science Fiction and Fantasy » A to Z
History and Social Science » Economics » General
History and Social Science » Europe » Germany » Weimar Republic
History and Social Science » World History » General
History and Social Science » World History » Germany » General

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany New Trade Paper
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