- Paperback: 270 pages
- Publisher: Western Islands (July 1979)
- Language: English
- ISBN-10: 088279129X
- ISBN-13: 978-0882791296
- Product Dimensions: 8.9 x 6 x 0.7 inches
- Shipping Weight: 11.2 ounces
- Average Customer Review: 5.0 out of 5 stars See all reviews (3 customer reviews)
- Amazon Best Sellers Rank: #3,480,274 in Books (See Top 100 in Books)
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Age of Inflation
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Top Customer Reviews
One of the first things the Germans did under Hitler which raised the hair on my back, was to pump up auto sales. They didn't use Cash for Clunkers but they made anyone with an older car pre-pay for ten years of registrations. Of course, rather than pay, many citizens decided to buy a new car instead.
Another trick the Germans used to close budget deficits that may pop up in our future was to announce that those who pre-paid ten years of real estate taxes would be exempt from future taxes. (Of course when the German economy self-destructed by the end of WWII, I have no doubt that 'permanent' exemption was forgotten).
Finally, for fans of the gold standard, Sennholz briefly enumerates a step by step program to bring it back.
In closing, some of the book sounds a bit dated since it was written thirty years ago. However, what is surprising is how much of it is still relevant today, perhaps even more so. The deficits that Sennholz condemned are far bigger today. I highly recommend this book both for the Austrian perspective but also for the exposition on the German economy and how the government very cleverly avoided inflation even with big deficits but still destroyed the economy in the end.
Though this is the first book I've read by Sennholz, I'm already a fan. In this work he showcases an effortless grasp of the inner-workings of the monetary system. He explains how monetization of debt, stimulative government spending, and the fed's manipulation of interest rates devalue the currency, and thereby lead to inflation.
I've since researched the author a bit and found that he has quite the personal history; from his days as a draftee in Hitler's Luftwaffe, to being shot down and becoming a POW, to his repatriation to his native Germany, on to his extensive schooling and eventual occupation as an American college professor--there's no doubt with me that he had a unique perspective on how the world worked.