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

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Paperback, Perseus Books Group, 2010, ISBN13 9781586489946, ISBN10 1586489941
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Paperback, Perseus Books Group, 2010, ISBN13 9781586489946, ISBN10 1586489941

About this item

Important Made in USA Origin Disclaimer: For certain items sold by Walmart on Walmart.com, the displayed country of origin information may not be accurate or consistent with manufacturer information. For updated, accurate country of origin data, it is recommended that you rely on product packaging or manufacturer information.

Paperback, Perseus Books Group, 2010, ISBN13 9781586489946, ISBN10 1586489941

"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.

Specifications

Number of Pages: 269
Original Languages: English
Author: Fergusson, Adam
Street Date: -62135769600000
Book Format: Paperback
Publisher: Perseus Books Group
Publication Date: October, 2010
ISBN-13: 9781586489946
Digital Video Formats: Paperback
Assembled Product Dimensions (L x W x H): 5.50 x 8.25 x 0.75 Inches
ISBN-10: 1586489941
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