We’ve just got hold of some copies of the newly reprinted book about the Weimar Republic’s hyper-inflation, When Money Dies by Adam Ferguson. In 1923 the German mark was trading at 4,200,000,000,000 to the dollar, and the population was impoverished and reduced to barter to survive. Only the creation of a rival, asset-backed currency brought the hyper-inflation to an end. The book is an analysis of the causes of this monetary disaster, and the impact that spiralling prices had on a people already struggling under the burden of post-WW1 reparations. Are there any lessons to be learned by the present day Central Banks as speculation rises that the Fed is about to embark on a new round of Quantitative Easing?
We have 10 copies of the book to give away to the first 10 correct answers chosen at random to the following question:
In 1924 the UK went back on to the Gold Standard – with massively deflationary results. Who was the Chancellor of the Exchequer who took this decision?
We’ll draw the winners after the deadline of midday on Wednesday 11th August.
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