Tim Price: Season of mists
My thanks to the author of this ever-interesting letter, published by PFP Wealth Management. It is posted in the Subscriber's Area but here is the opening quote, posted without further comment
"The years of war saw the mark lose three quarters of its purchasing power. The years of peace saw the process speed up, as the borrowing continued, and at first it had its friends. 'I am not afraid of inflation,' said Walter Rathenau, tycoon and minister, later murdered by two proto-Nazis. 'People are wrong when they say that printing money is bringing us to ruin. We ought to print money a bit faster, and start construction works.' He has his followers today."
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Christopher Fildes, reviewing 'The downfall of money: Germany's hyperinflation and the destruction of the middle class' by Frederick Taylor in 'The Spectator', 7th September.