"When Money Dies" is a non-fiction book written by Adam Fergusson and first published in 1975. The book describes the economic collapse of the Weimar Republic in Germany from 1918 to 1923, and how hyperinflation destroyed the country's currency and economy.
The book begins by describing the situation in Germany after World War I, where the country was heavily burdened with war reparations and faced political turmoil. The Weimar Republic government, under the leadership of Chancellor Gustav Stresemann, began a program of monetary stabilization and fiscal reform. However, despite these efforts, the German economy continued to struggle due to a number of factors including inflation, political instability, and social unrest.
As the situation worsened, the Weimar government began printing more money to pay its bills, leading to hyperinflation. Prices skyrocketed, and the value of the German mark plummeted. People were forced to carry wheelbarrows of money just to buy basic goods, and many lost their life savings as the currency became increasingly worthless.
The book describes the impact of hyperinflation on various aspects of German society, from the middle class to the working class, and from the elderly to the young. It also examines the role of international financial institutions, such as the Bank of England and the League of Nations, in attempting to address the crisis.
Throughout the book, the author emphasizes the human toll of hyperinflation, describing the hardships and suffering of ordinary people, as well as the political and social consequences of the crisis. The book also provides insights into the psychology of hyperinflation, describing how people reacted to the crisis and how it affected their attitudes towards money, wealth, and power.
In the final chapters, the book examines the lessons that can be learned from the Weimar hyperinflation, and the implications for other countries facing similar economic challenges. The author argues that the crisis in Germany was not just a result of economic factors, but was also influenced by political and social factors, and that it serves as a cautionary tale for other countries facing economic instability.
In summary, "When Money Dies" is a detailed and vivid account of the hyperinflation crisis that occurred in Germany during the early 20th century. The book provides valuable insights into the causes and consequences of hyperinflation, as well as the psychological and social impact of such crises on individuals and society as a whole.