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Bloomberg/Niall Ferguson/9-6-2020
‘Yet no example known to Franklin’s generation could match the Weimar Republic as a warning from history. That is why, within a few years of its collapse in 1933, Americans had adopted Weimar as their very own nightmare scenario.”
USAGOLD note: The upshot of Ferguson’s latest is that America is not headed the way of the 1920s German Weimar Republic. He concentrates, however, on the cultural and political aspects of the comparison and only makes a passing reference to the monetary – a matter of great interest to financial markets. That said, Ferguson’s comparisons are a very interesting and thought-provoking read. Perhaps he will tackle the monetary aspect in a future article. If he does, we would like to get a read on what he thinks might have sparked the transition from hyper monetary policy to hyper price inflation and how Federal Reserve policies today differ from those of the Reichsbank then.
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