Picture 1 of 1

Stock photo

When Money Dies The Nightmare of Deficit Spending, Devaluation,... 9781586489946 - Picture 1 of 1

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany by Adam Fergusson (Paperback, 2010)

wordery_specialist (613676)

99% positive Feedback

Price:

£12.99

Free postage

Estimated delivery Thu, 12 Jun - Sat, 14 Jun

Returns:

30 days return. Buyer pays for return postage. If you use an eBay delivery label, it will be deducted from your refund amount.

Condition:

New

When Money Dies The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany by Adam Fergusson 9781586489946 (Paperback, 2010) Delivery UK delivery is usually within 6 to 8 working days. International delivery varies by country, please see the Wordery store help page for details.

About this product

Product Information

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.