The classic, bestselling account of runaway inflation
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 Weimar Republic was all but reduced to a barter economy. Expensive cigars, artworks and jewels were 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. In desperation, the Bavarian Prime Minister submitted a Bill to the Reichsrat proposing that gluttony be made a penal offence – his definition of a glutton being ‘one who habitually devotes himself to the pleasures of the table to such a degree that he might arouse discontent in view of the distressful condition of the population’.
Since its first publication in 1975, When Money Dies has become the classic history of these bizarre and frightening times. With a wealth of eyewitness accounts by ordinary people struggling to survive, it deals above all with the human side of inflation: why governments resort to it, the dismal, corruptive pestilence it visits on their citizens, the agonies of recovery, and the dark, long-term legacy.