When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany - Adam Fergusson
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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.
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| Creation Date: | Sat, 11 Sep 2021 08:10:32 +0200 |
| This is a Multifile Torrent | |
| Adam Fergusson - 01 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 02 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 03 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 04 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 05 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 06 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 07 of 14 - When Money Dies.mp3 16.84 MBs | |
| Adam Fergusson - 08 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 09 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 10 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 11 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 12 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 13 of 14 - When Money Dies.mp3 18.37 MBs | |
| Adam Fergusson - 14 of 14 - When Money Dies.mp3 11.22 MBs | |
| Combined File Size: | 248.52 MBs |
| Piece Size: | 256 KBs |
| Comment: | Updated by AudioBook Bay |
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This post has 5 comments with rating of 4.7/5
September 13th, 2021
Or the ultimate idiocy. Borrowing money to give tax credits to the rich.
September 22nd, 2021
Thanks
September 27th, 2021
Thank you.
January 11th, 2022
ah, but the rich will always be with us. So how does one join?
August 2nd, 2022
The Biden Administration (and RINOS) in 2020
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