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When Money Dies : The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany
Germany in 1914 had one of the world's most prosperous economies. By 1923 its currency, the Mark, was worth next to nothing. When Money Dies tells the story in stark human terms of what happens when a currency and a national economy perishes.Germany increased the circulation of the Mark to finance a series of staggering war reparations from World War I. The Mark depreciated at an astronomical rate. In November 1921, the Mark was at 250 to the dollar. By the following November, it was at 8,000 to the dollar. By January 1923 it was well over 50,000 to the dollar, and by July of the same year, it was at a whopping 174,000 to the dollar. By the end of 1923, the mark was dead and Germany was in the midst of a raging inflation that was impossible to control.Social misery and crippling economic instability followed. Citizens watched in horror as their life savings disappeared. It didn't take long for the middle class to be replaced by a new class: the new poor.
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October 11, 2010
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