When Money Dies: The Nightmare of the Weimar Collapse
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"When Money Dies: The Nightmare of the Weimar Collapse" is a book by Adam Fergusson, published in 1975. It offers a detailed and harrowing account of the hyperinflation that occurred in Germany during the early 1920s, particularly in the period from 1921 to 1923.
War Reparations: The book begins by explaining the heavy war reparations imposed on Germany by the Treaty of Versailles after World War I. These reparations placed an enormous financial burden on the country, contributing to its economic woes.
Rapid Currency Devaluation: Fergusson vividly describes how the German mark rapidly lost its value, leading to hyperinflation. People's savings and wages became nearly worthless, and they resorted to using currency by the wheelbarrow to buy basic goods.
Social Unrest: The hyperinflation crisis fueled social unrest and political instability. Fergusson illustrates the rise of extremist political movements and the breakdown of social order as a consequence of economic turmoil.
Stories of Ordinary People: The book includes personal stories of individuals and families who lived through this period, highlighting human suffering and resilience in the face of economic chaos.
Role of the Printing Press: Fergusson explains how the printing of ever-increasing amounts of money by the German government worsened the hyperinflation, creating a self-perpetuating cycle.
Economic Lessons: "When Money Dies" serves as a cautionary tale about the dangers of hyperinflation and the consequences of poor fiscal and monetary policies. It underscores the importance of responsible economic management.
Impact on Art and Culture: The book also touches on how the hyperinflation crisis influenced art and culture in Germany during the Weimar period, with artists and writers responding to tumultuous times.
Overall, "When Money Dies" provides a vivid and insightful account of the Weimar Republic's hyperinflation crisis, offering readers a compelling narrative of a time when a nation's currency became nearly worthless, leading to profound economic and social upheaval. It remains a valuable historical and economic analysis of the consequences of hyperinflation.
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