When Money Dies by Adam Ferguson

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany is a historical account of the hyperinflation in Germany that occurred in the 1920s. The book, written by Adam Fergusson, examines the economic and social consequences of the collapse of the German currency, the Mark, and the subsequent rise of the Nazi party.

The book starts by describing the political and economic climate in Germany after World War I. The war had left Germany heavily in debt and struggling to repay the large sums of money it had borrowed. In an effort to generate money, the government began to print more currency, which led to a rapid increase in the money supply. This led to a rapid increase in prices and a decline in the value of the Mark.

As the inflation rate continued to rise, the German economy began to collapse. Prices for goods and services skyrocketed, and wages failed to keep up. Businesses went bankrupt, and people lost their savings. The government tried to curb the inflation by increasing taxes and implementing price controls, but these measures were largely ineffective.

The book also describes the social and political consequences of the hyperinflation. As people's savings were wiped out, they became disillusioned with the government and the political system. This led to a rise in support for extremist political parties, such as the Nazis. The Nazis used the economic turmoil as a rallying cry, blaming the hyperinflation on the government and the Jews, and promising to restore order and stability to the country.

The book concludes by noting that the hyperinflation in Weimar Germany serves as a warning of the dangers of deficit spending and currency devaluation.

Some events from the book:

• The German government started printing more money to pay for the cost of World War I, which led to a rapid increase in the money supply and a decline in the value of the Mark.
• Prices for goods and services skyrocketed, and wages failed to keep up. Businesses went bankrupt, and people lost their savings.
• The government tried to curb the inflation by increasing taxes and implementing price controls, but these measures were largely ineffective.
• The social and political consequences of the hyperinflation led to a rise in support for extremist political parties, such as the Nazis.
• The Nazis used the economic turmoil as a rallying cry, blaming the hyperinflation on the government and the Jews, and promising to restore order and stability to the country.