[/caption]The book, When Money Dies – Nightmare of the Weimar Collapse, by Adam Fergusson, was first published in 1975. Then it was spotted by Warren Buffet and now an enterprising publisher has reprinted it. Many people have send copies to central bankers to remind them of what was once, and could be again.
The complete text of When Money Dies – Nightmare of the Weimar Collapse can be read here. Hyperinflation was one of the hallmarks of the Weimar Republic (Weimarer Repulik in German). There were also problems with political extremists, similar to the ones that now shout Weimar Republic.
The Weimar Republic is the name given by historians to the parliamentary republic that was established in 1919 in Germany to replace the imperial form of government. The official name was Deutsches Reich. A lot of things went wrong and the result was Hitler and the third Reich. The Weimar Republic basically ended in 1933 when Hitler's Third Reich started.
The Telegraph comments on When Money Dies – Nightmare of the Weimar Collapse:
"The Weimar story is a lesson from history - what can happen when a nation follows the wrong economic doctrine", says Charles Moore in the Telegraph. Charles Moore is a columnist at The Daily Telegraph.
Here two paragraphs from the prologue of the book:
"When a nation’s money is no longer a source of security, and when inflation has become the concern of an entire people, it is natural to turn for information and guidance to the history of other societies who have already undergone this most tragic and upsetting of human experiences."
"Either the economic analysis of the times (for reasons best known to economists who sometimes tend to think that inflations are deliberate acts of fiscal policy) have ignored the human element, to say nothing in the case of the Weimar Republic and of post-revolutionary Austria of the military and political elements; or the historical accounts, though of impressive erudition and insight, have overlooked — or at least much underestimated — inflation as one of the most powerful engines of the upheavals which they narrate."
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