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Guest Post: Read Sought-After "The Dying Of Money" On Hyper Inflation Here
Submitted by Toni Straka of The Prudent Investor
Read Sought-After "The Dying Of Money" on Hyper Inflation Here
Excitement has been growing about a long out-of-print book Dying of Money: Lessons of the Great German and American Inflations
The author vividly and thoroughly recounts the influence of inflation
throughout history with special emphasis on the U.S. economy and the
hyperinflationary events of the 1920s in the Weimar Republic, Germany.
Readers of this blog can read the book here!
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Ahhh the irony! A book about hyper-inflation trading at $234 ..... hilarious (and a vision of the future perhaps). Yes, and thank you for this!
eBay:$699! http://cgi.ebay.com/Dying-Money-Inflation-Jens-O-Parsson-HB-DJ-/290217873653?cmd=ViewItem&pt=US_Nonfiction_Book&hash=item43925550f5#ht_500wt_1154
duplicate post
Classic case of Supply and Demand. Not inflation!
hmmm it was a joke ... get a life!
not demand pull inflation but curency crisis inflation like the Euro eperinced not long ago clown nuts.
Fucking clown!
Some day, we'll be using vintage economics texts as money.
thanks for this. are you sending a complimentary link to Ben?
Sending him a copy of his own playbook seems somewhat redundant?
There is also the classic: The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany by Constantino Brescaini-Turroni. It too is somewhere on the web for free, but I can't come up with it this second.
And thank you.
http://mises.org/books/economicsofinflation.pdf
Beautiful. Thanks a lot.
Thanks for the link to that work.
Thanks for the link. Great read.
Thanks.
Wunderbar.
Posted "When Money Dies", by Adam Ferguson, last week:
http://www.zerohedge.com/article/michigan-says-enough-fed-takes-matters-...
Print/save it while you can before the publisher requests it taken down as it did with the Mises website.
Got it, thanks for posting that.
I prefer the Duck Tales inflation lesson.
http://www.youtube.com/watch?v=t_LWQQrpSc4
There is another one titled "When Money Dies." Haven't read it myself, but I downloaded it some time ago. It is (was?) available free somewhere.
Here you go:
http://www.wolf1168.us/misc/Articles%20of%20Interest/When%20Money%20Dies...
MASS STARVATION BITCHES!!
Damn, just paid 6.99 for the reprint !
It's worth it, though.
thanks water wings!
And the EU bond market is buying the ECB's whitewash...
I read "The Great Inflation" and wrote about it. Here is some of article that is worth sharing:
The title of my article is the title of a book I recently got from the library. It was written in 1975 by William Guttmann and Patricia Meehan and is about the period in Germany from 1919 - 1923.
The title of Chapter 1 is "A license to Print Money" and starts off with a quick story from a play written a century prior called "Faust" by a famous German Poet named Goethe. In his play, there is a scene where the Emperor, who sold his soul to the Devil, Mephistopheles, is lacking money and asks the Devil to create it. The Devil accepts this task and a prototype note is created and multiplied a thousand times by magicians overnight. The Chancellor then gives the Emperor the note that has turned an ill into a good.
The authors go on to write on pg. 42 from this book:
It is fitting that licence to print money should have originated with a spirit akin to the Devil, the father of lies. The currency of Germany during the inflation years was a gigantic lie, which the nation recognized for what it was only in the last stage. The road to inflation, like the road to hell, is paved with good intentions, and it was to turn "ill into good" that the German government gave the licence to print money.
I can't help but recall the speech our Federal Reserve Chairman, Mr. Ben Bernanke, gave in November of 2002, known as his Helicopter Speech, in which he stated:
The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
"The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost."
That is the lie to keep the lemmings marching forward, if you believe that you would be buying every asset you can right now on margin. Good luck with that.
You and the rest of the lemmings are the helicopters, the helicopters disappearred in 2007, this is a fact see Fed Res Z1 report for raw data.
I find it funny is that most people on this forum do not believe Ben at all but when it comes to this statement they eat it up. If you believe this nonsense you would be buying just about every stock you can get your hands on and wait for the helicopters. When is Ben going to use these helicopters?
Should and will be very interesting how this all unfolds. I honestly don't know.
Cycles within cycles, and cycles within those cycles.
MT and LT = fucked
The conclusion has always been know, now it's just a matter of working out the details.
Hi guys, first comment here. I love this site, I'm learning a lot.
Mako are these the cycles you talk about? If so I guess they can be obseerved in historical data and predicted. Thanks Mako, this is fascinating.
http://en.wikipedia.org/wiki/Kondratiev_wave
+1,000,000,000,000,000,000
no pun intended
Ben and his helicopters already dropped $2T. It seems he needs to do more to "fix" the problem. Who know if he will fix the problem in the end or merely create more problems. He most likely doesnt' have a clue either. It's all a great experiment. If Bernanke prays hard enough, he may pull it off (or else why the stuff that he creates has 'in God we trust" on it?) But at this moment, the odds are greatly against him.
Bernanke as Faust -- you gotta love it. And I suppose that the American middle class gets to play out The Sorrows of Young Werther, which isn't quite so smashing.
In the spirit of Sydney Harris' Things I Learned Enroute to Looking up Other Things, I'd also like to relate the following:
"...the phenomenon known as the "Werther-Fieber" ("Werther Fever") which caused young men throughout Europe to dress in the clothing style described for Werther in the novel."
http://en.wikipedia.org/wiki/The_Sorrows_of_Young_Werther
There you have it -- Werther-Fieber -- the 18th Century precursor to Beiber-Fieber. Lesson learned? People have been silly for a long, long time.
The other book mentioned in the "Telegraph" article was "When Money Dies" by former Tory MEP Adam Fergusson. A more personal and human toll on the whole affair (also around $250 on amazon). They also discuss the "great trasfer of wealth from saver to debtor". Well, we don't have hyperinflation and that is exactly what's going on right now.
Old Street has it republished (finally) - you can find it at Amazon.uk for $20-$30 delivered to the US.
To hunt down just about any out-of-print book for free online reading or download try www.archive.org
Thanks a lot.
The author acts as if inflation must be. I have just read the first three paragraphs in which he states: "...that he began to use boar's teeth or something of the sort as counters for trading spearheads and caves with neighboring clans. That was money. Anything like those boar's teeth that had an accepted symbolic value whichc was greater than their intrinsic value for using was true money.
Inflation was the very next magic after money. Inflation is the disease of money. Before money, there could be no inflation."
(1) Dear sir, study the 700 year period in which Britian used tally sticks and did quite well wrt inflation.
(2) So why not use an asset backed currency?
I have not perused the entirety, but to break yourself in the Foreword is not good.
A definition of a "perpetrator" is needed here. The gun does not fire itself, it requires an actor. Define that actor!
Enter The Bankster!
All I found to when money dies is this.
a short synopsis
http://www.scribd.com/doc/34413545/The-Inflation-Drug-When-Money-Dies
Calssic case of supply and demand at work. NOT INFLATION.
Why are they unrelated? Isn't hyper-inflation/inflation IN PART created when demand outstrips supply?
What was the first thing that people will do when they lose confidence in a currency - they'll buy stuff (Chavez caused a rush to TV's/Washer Dryers, etc. when he devalued his currency). They'll dump their currency for ANYTHING of value - vastly outstripping current supply. As the panic snowballs, prices continue going up to the point that no one wants to hold the currency for any period of time.
So, I believe inflation is both monetary but also has a supply/demand component.
Hey when money dies has been republished and its about 13 GBP
http://www.scribd.com/doc/34218691/Money-Printing-A-Warning-From-History
Old Street Publishing LTD
You can also find the book here: http://esocap.com/?object=news&add=en
"Lessons From Weimar"
Inflation is dead since 2007 and will be for the rest of my lifetime and probably 1-2 generation after my death.
RIP
Inflation
Born 1945
Death 2007
See Federal Reserve Z1 report for all data.
What are you, a fruit fly?
I consider a generation 25-50 years. Japan will be going though the deflationary process I would guess 60-90 years, they are already 20 years in.
There is nothing Ben can do. There are no helicopters coming, the helicopters stopped flying in 2007 when credit creation went from $4.7T (annualized) to -$808B (annuallized) in 2010.
And yet curiously, while suffering 21 years of your so-called "deflation", the Japanese citizen has seen his cost of living increase every single year, NOT decrease as would be the case if real, honest-to-God deflation had in fact been occuring, which it has NOT.
Meaningful and actual "deflation" occuring under a fiat monetary regime is nothing more than a myth and a lie.
I see that you, Mako, have fallen for the propaganda and lies of the powers-that-be, who have attempted (and often succeeded) in twisting and torturing the definition of the word "deflation" to try and equate it with the collapse of asset bubble prices. Nothing could be further from the truth. Just because prices in one or more overhyped asset markets fall, that has absolutely NO connection to any purported "deflation", which is essentially impossible under a purely symbolic monetary system such as we find ourselves in today. Nor does the decline in net private debt, as all debt is NOT the equivalent of money! To suggest otherwise is to torture the very meaning of the concept of "money".
Furthermore, I challenge you to point to one single example of deflation within a fiat currency regime --- and for the last time, Japan since 1989 is NOT an example of deflation! However, I can point to almost countless examples of overindebted and spendthrift nations with fiat currencies which have driven themselves into currency depreciation and currency collapse, if not always classic Weimar-style hyperinflation. By asking us to accept even the possibility of real deflation under the current system, you are asking us to believe in the ultimate "this time it is different" scenario. Sorry, I am not buying it --- even with a continually declining dollar.
Not sure how we see the "cost of living has increased every single year." I do not know how you measure "cost of living." Japanese CPI numbers are widely understood to err on the high side. The household data is wonky because of the way households are counted, and the changing makeup/nature of households over time (and over the last 20 years the change has been dramatic). Despite the data which has been massaged to make things look better than it has been, a combination of nationwide CPI for the past 20 years and the household spending data for the past twenty years comes to an average just above zero. Real costs have certainly declined for the vast majority of people. What has increased is the disposable income (and spending) of households consisting of young, unmarried women, and young people who constitute the working population called "freeters."
As to whether observable prices have declined... The price of a brand new one-room condominium has not declined measurably; the price of a 29" TV has declined dramatically. The price of "the largest TV anyone normal could put in their apartment" is probably about the same. The price of a toaster oven, DVD player, set of sheets, new car, etc are roughly similar, if not lower. Rent has fluctuated, but if I wanted to rent the same apartment I had in 1990, it would cost me fewer yen per month, not more (I just checked - there's an open apartment for 25% less; if I want a building of the same age now as my apartment was when I moved in, it is about the same, but the built-in amenities are better). Electricity and water are probably marginally higher (energy costs are higher globally). The cost of a babysitter is a bit more. The cost of a rental movie is a few yen more but not measurably (was 1 for 200 yen for 1 night (or 350 for the week), a couple of days ago my wife got 5 for 1000 yen but can keep them for a week). A MacDonald's hamburger is cheaper than it was 20 years ago but a BigMac set is probably about the same. "Cheap" clothing is cheaper. High-end department stores are generally cheaper. A movie ticket is more expensive than it used to be. A can of beer is almost exactly the same price as it was 20 years ago but for many people, a can of beer has been replaced by a can of hops-based beer-like-but-not-beer-according-to-the-tax-laws alcoholic beverage, which costs a fair bit less. Soap is cheaper. Toilet paper is cheaper. A nice cable-knit sweater is cheaper. An overseas package tour is cheaper. I could go on for quite a while. I do not know if all this "it's cheaper than it used to be" counts as deflation, but it feels like it here.
As to whether asset prices (such as real estate) should be considered in inflation (and therefore also in calculating deflation) is really a matter of semantics. It doesn't matter. Central banks should either be obliged to prick bubbles or let them be. It doesn't matter what the bubble is on if the bubble is considered to be a store of wealth and it affects the economy.
Bingocat, it sounds as if you have first-hand experience with prices in Japan, which I will admit that I do not. I can only base my conclusions on economic information that I have read over the last several years regarding the overall cost picture in Japan over the last two decades, and indeed there seems to be significant disagreement over such ---- as there is in the USA today as well. But the general sense I get is that the cost of living of the average person in Japan has NOT fallen over the last 21 years, and while one might argue over the extent to which it has risen, the clear fact is that it has certainly not fallen to any meaningful degree under even the most pro-deflationary viewpoint, as had, for example, the average cost of living in the USA during the period of the late 1860s to the late 1890s, a decline of easily over 40%. Now THAT was unambiguous deflation!
akak, I do have firsthand experience and follow the market/economy/etc extremely closely even today. I do not know what you have read to suggest the cost of living has increased (and in what way, because measuring the cost of living is surely subjective). CPI is up slightly (despite a vigorous effort to promote inflation expectations). Household expenditures are down (despite an increase in consumption tax over the period). I am not sure where the "significant disagreement over such" comes from. Nobody I know would suggest that the "cost of living" has dropped dramatically, but nobody I know would say it has risen significantly, and certainly not every year. The OECD statistic for the total value of disposable income for Japan has flatlined since the end of 1991 (note that while the peak in stock prices was December 31, 1989, the peak in land prices was 1991 and similarly for the peak in the economy) despite a small increase in population, small decrease in number of workers, but significant increase in the average age of worker.
The cost of living in Japan over the past 21 years certainly has not dropped 40% as the period from the late 1860s to the early 1890s but you conveniently chose the highest consumer price index of the 2-3 decades either side of that. If you had chosen 1861 to 1890, the CPI was flat (according to Ethel Hoover's series). From 1861 to 1865, prices for consumer goods rose 50% (that's what happens in civil war) and then prices fell back, dropping 15-20% in five years and another 20-25% over the next 10 years. That will not happen again (we'd better hope) because the CPI basket is much more service-oriented and much less commodity input oriented. We can get minor deflation without it lowering GDP per se. What is far more disturbing to central bankers than actual deflation is deflationary expectations.
What is clear from the view of any Japan observer is that while Americans lament that their houses are worth the same as they were in 2000 or 2003, Japanese lament they are worth the same as they were in the early 1980s. Same with stocks. Interest rates are low, and have been so low, that nobody makes money by owning money, but there is less money to go around (certainly there is no "wealth effect" spending of any kind) so "average Japanese" spend a fair bit less (and young unmarried workers spend substantially more). The fiscal position of households has declined significantly over the past twenty years, expectations have fallen, and mature Japan views itself as a country past its prime.
If you ask 100 japanese people over the age of 40 (so that they could have been workers/spenders both then and now) on the street outside of Tokyo whether they have suffered from deflation over the past 20 years, they will generally say yes.
Ah, Mackadanaldos with Bigmaku and fries done in fish oil. Only once... - Ned
fruit fly
Ha!
Inflation:
Health care/insurance, taxes, gas/oil/utilities, tuition, certain foods, hard inputs, etc.
Deflation:
Wages, consumer discretionary, house prices, finished goods, etc.
You can't look at it only in the aggregate.
Thanks for the link, Tyler. Appreciate it ;)
Today I am a wealthy man. Thanks TD
How much deflation in the future? LOTS!
http://www.lloydslistdcn.com.au/archive/2010/july/26/capesize-lay-ups-loom-as-zero-rate-fixtures-reappear
It's INFLATION - b/c the economy always has to go grow....and other fairy tales.
Deflation would seem to be the prevailing trend in my neighborhood, Beverly Hills CA. Lots of office space for lease/sale, lots of houses suddenly on the market and used Range Rovers for 10's of thousands less than a few years ago...
What if the fed printed a bunch of money and no one actually wanted anything new...b/c suddenly they didn't even want the stuff they already had, which they couldn't afford in the first place...which is why they took out the 2nd mortgage on their house (b/c housing prices always go up)
Suddenly things like extra cars, elective plastic surgery (tits especially), giant SUVs, extra houses, meals out...etc etc etc suddenly become less appetizing.
deflation...could be much more serious than inflation, and this is the first time in my life i've ever hear the word tossed about, like that other serious word...austerity.
http://www.lloydslistdcn.com.au/archive/2010/july/26/capesize-lay-ups-loom-as-zero-rate-fixtures-reappear
I'm waiting for deflation to lower my heath insurance, my grocery bills, property/sales taxes, utility bills (gas, water AND trash all went up this year), homeowner's insurance, auto insurance, and anything else I need to survive. I'm still waiting for a gallon of gas to get back down to 99 cents like it was in 99.
Your wait will be an infinitely long one, I am afraid. The myth of contemporary deflation is just another smokescreen being sent up by the PTB to misdirect and confuse attention from where it really belongs: with the reality of a depreciating dollar, which threatens to collapse when the biggest bubble in world history, governmental debt, finally collapses.
It's sure taking its time akak. While I'll be the first to admit that Peter Schiff has been a good contrarian indicator on the USD in recent years, I still think he has it essentially right. These UST's (& other nations as well) will never be paid back, the fact that these 'securities' are still 'money good' is just showing the level of ignorance amongst the general populace.
Even Antal Fekete has recently stated the world is "begging to be fooled" in regards to UST's.
Still, more opportunity to accumulate gold. It's almost hit my bid here in Australia!
When one has knowledge, history and common sense on one's side, the wait for the collapse of our Ponzi fiat currency system should not be a difficult one --- everything that happens prior to that final resolution is just white noise as far as I'm concerned. No nervous Nelly, "weak hand" here!
I seem to recall reading that many expected an imminent hyperinflation or collapse of the German mark at the end of World War I as well, and yet in the event it took five years to play out. Just because a result is inevitable does not mean that it is necessarily imminent.
Sorry, but I can't believe tits will ever become less appetizing...
Ghost fleet of the recession...
"The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination."
http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-gho...
duplicate.
Awesome - I was hoping this would pop up here!
When Money Dies: The nightmare of the Weimar Collapse, found it through dollarcollaps
http://www.wolf1168.us/misc/Articles%20of%20Interest/When%20Money%20Dies.pdf
161 great pages. Get it while its still there.
So advice is to read Dying of Money: Lessons of the Great German and American Inflations by Jens Parsson ?
Parsson relates, on p. 23, that when Stresmann was made German chancellor in late 1923, he chose Dr. Hjalmar Schacht to oversee the battle against hyperinflation.
P. 24...Schacht's greatest achievement was...in making his new non-inflationary money policy stick. ...New inflation ...was then abruptly and finally stopped. The entrenchen industrialists in Germany, like Stinnes, characteristically fought Schacht every inch of the way, although a few later acknowledged the rightness of his course."...
Schacht is the insider who ended hyperinflation. So go read Hjalmar Schacht, in his own words for the inside, first-person account of what he observed, his conclusions, and how he did it.
Go to source for the straight skinny. Then play around with Jens Parsson, who wrote with 2nd-hand and 3rd-hand data...can't even find a bioggraphy of Parsson.
I will next post quotes by Hjalmar Schacht.
Hjalmar Schacht was later invited to stay in government by the new chancellor, Hitler. Schacht stayed until he could no longer stomach the man, and left before WW2.
Here's a bit of Schacht...
My edits in [...].
"Wage-earners’ wives were in despair. Whenever they went out to buy food they were involved in a hopeless struggle against the depreciation of the mark. The wages of their menfolk ran through their fingers like water even when, as was finally the case, they were paid daily.
[To] the great the number of people who, in the course of historical development, are excluded from the possession of landed property, the more important it is that the value of money should remain stable, because only then can they store up the product of their labours and preserve the [not-landed] property they have acquired. Money, in short, must retain its value
[Schacht stopped further issue of private banknotes by private banks and industrialists, by ordering that Reichsbank refuse to acccpt and convert it to legal Reichsmarks.] ...They threatened me ; they pleaded with me ; they painted the probable consequences in the most violent colours. But I remained adamant. I was determined at all costs to put an end to the misery of the great masses of Germany’s working people and to guarantee them a stable wage once more.
For some reason or other the arithmetical nature of finance seems to inspire the mathematically-minded, and their efforts always tend in the one direction, towards the creation of an automatically functioning solution operating according to fixed mathematical rules. But the currency problem is not a problem which can be solved according to fixed rules...Monetary policy is not an exact science but an art. As such it is a sphere which will always remain mysterious to the man who is not capable of mastering that art, while appearing simplicity itself to the an who is. The art of monetary policy consists in keeping the relationship between the value of money and the value of the other commodities as steady as possible. Part of this art consists in constantly observing and correctly judging not only the movements of money but also the production and consumption of other commodities.
All those currency projects which embody new ideas and suggestions for establishing automatically functioning principles are fruitless. It is not a question of the percentage of gold or bills behind the notes in circulation, or of note control, or the discount rate, but simply and solely a matter of the temperature and the pulse of economic life. In monetary policy, just as in medical therapy, correct diagnosis is the secret...
[Schacht ended all foreign-exchange currency speculation.]. Naturally, my unpopularity was greatly increased, but the well-being of the great mass of the German people meant more to me than the troubles of individual speculators. [To stop private speculation in foreign exchange, e.g. USDollars, Schacht created the new yet unofficial "Rentenmark", redeemable only for German hard-goods, as opposed to services. Speculators who bought USD at up to 12 billion-to-one Marks on, e.g. 30-day terms, hoping to pay with even far cheaper Marks, presented USD to the Reichsbank but were offerred only unofficial "Rentenmarks". Their lenders of course demanded payment in Reichmarks, forcing speculators to buy them privately, boosting exchange value of Reichsmarks.]
[Schacht ended hoarding of foreign exchange by large industrial concerns: He] suddenly barred bank credit against bills [e.g. orders for commercial goods]. To the extent that business interests needed money they had to surrender their hoarded sums of foreign exchange to the Reichsbank, and within the space of two months equilibrium had been restored. In normal times these bills were the usual means of obtaining credit from the Reichsbank. It was unprecedented that the Reichsbank should refuse to discount good commercial bills....in times of currency depreciation such as we had just experienced, this discount screw [increasing discount rate] necessarily failed to operate effectively. It did not matter in the least whether the presenter of a bill had to pay 10 or 15 per cent discount when within a few weeks, or even within a few days, money itself would depreciate by 50 per cent and even more. This was the reason why I did not have recourse to the usual method of raising the discount rate, but adopted instead the harsh but only really effective means of blocking all credit. The measure was immediately successful.
All in all, this struggle with the speculators over the rate of exchange lasted eight months. It was waged with vigour and determination, and private interests were ruthlessly ignored in the interests of the community as a whole. My victory did not make me popular . . . Even the experts did not always grasp my methods, which contradicted every classical theory, and the great mass of the people naturally failed to understand the significance of what was taking place. . . It was in this period that the press first dubbed me a ‘Financial Wizard’, because in money matters in particular the simple and the natural is the most difficult to grasp. "...
The above from:
Schacht, Hjalmar Horace Greeley, 1877-1970. Title [in English] Account settled. Translated by Edward Fitzgerald. Publisher London, G. Weidenfeld & Nicolson [1949] Description 327 p. port. 22 cm. Translated from "Abrechnung mit Hitler."
"Their lenders of course demanded payment in Reichmarks, forcing speculators to buy them privately, boosting exchange value of Reichsmarks."
This doesn't make sense, why would a lender demand repayment in a rapidly depreciating & soon to be worthless currency?
"It was unprecedented that the Reichsbank should refuse to discount good commercial bills...."
This doesn't make sense either. Discounting good commercial bills is what gives central bank credit its value in the first place. What did the Reichsbank discount then, unfinished real estate!?
Rule #1--when source is available, go to source.
Rule #2--i'll try my incompetent best to answer your incompetence, as follows:
During currency hyper-inflation, speculator buys USD at, say, 12 million official Reichmarks-to-one, expecting ratio at end of term to rise to 20 million. At end of payment term, he goes to bank and is offerred only 4 million Rentenmarks, which are not official, nor legal tender for trade outside Germany. He paid 12 million Reichmarks, but ratio dropped to 4 million. The lender wants the increased value... of 12M Reichmarks per his side of the bet. Speculator is forced to trade his USD privately. KABOOM!
Re commercial paper. The normal tech of increasing discount-rate to slow/stop excess credit creation, at a time of hyperinflation [cf. carry-trade] does not work when devaluation rate of Reichmark is overwhelming, e.g., value drops by half in one day...what's increasing discount rate from 10% to 15% gonna accomplish?
Go direct to the wizard, himself. He wrote so you could understand.
There are some truly brilliant people out there who have something to say...and their only way to transmit without destructive filters was and is to write a book or blog.
Oh I see... the speculator expects to make a cool 8 million Reichmarks on the trade!
And despite the fact that the same Reichmarks are worthless he proceeds to trade more of his USD for Reichmarks?
Thanks for posting the above anonnn, looks like I need to get my ass around to reading up on this guy...this is now the 5th or 6th reference to him I've seen here on ZH.
Anyone else having problems with this download? Only the first dozen pages or so appear...
Seems ok to me ... read one page at a time from the beginning and and I think you will find that it works.
Ben and the Helicopters. Now that's a fitting name for a dixie-band.
Oh, and let's not forget their smash-hits like "The 2-trillion dollar baby", "Quantative Easing (remix of Sexual Healing), "A kiss to build a loan on", "You tell me your dream (And I will short it)", "Debts fell on Alabama", "I scream (remix on Ice Cream)", "Eye's Cream (remix on I Scream)" and the all-time favorite "Basel street blues".
Worth the price of admission ($234 in hardcover?):
"Some degree of unrealized depreciation also could have been carried by the mark indefinitely. The exact degree is so uncertain that, as Dr. Schact said, a government finance minister must feel the danger line with his fingertips."
At last we understand why Timmy "The Safecracker" has his job!
Fingertip-feel runs through many German discussions as acknowledgement of great skill and judgement. Do MBA programs remove this sensitivity to reality? We've established the condition doesn't exist for Econ PhDs.
- Ned
I used to be able to say fingertip-feel in German, gotta look it up again.
Appreciate the info. And, hey, "Geithner" doesn't exactly sound WASP-y, does it?
EURO buying support mentioned since June continues and further upside is expected.
http://stockmarket618.wordpress.com
Who is "P McLaughlin"? This person is listed by ScribD as having requested that the book be eliminated from that site? Anywhere else we can read it? It seems that an effort is being made to delete the book.