“On October 15, the mark’s rate against the pound passed 18 milliards. On October 21, after the mark had moved in three days from 24 milliards to 80 milliards to the pound, Lord D’Abernon noted with some statistical glee that (at 60 milliards) this was ‘approximately equal to one mark for every second which has elapsed since the birth of Christ’. At the end of the month the banknote circulation amounted to 2,496,822,909,038,000,000 marks, and still everybody called for more.”
- From ‘When money dies: the nightmare of the Weimar hyperinflation’ by Adam Fergusson.
The internet has been nicely described by Lars Nelson of the New York Daily News as
“a vanity press for the demented”.
Notwithstanding the bitter
accuracy of this statement, we flit from time to time to sites like Twitter to
attempt quixotically to redress the balance of popular opinion away from
wrong-headed nonsense with regard to the financial world in favour of rational
(perhaps even moral ?) analysis. Last
week we engaged in the following conversation:
To read more,
Download The constant taking of the soft political option