WHITEHALL

Government should heed Weimar warning

Historical comparisons likening impact of QE with Weimar-era are overblown. But the corrosive effects of inflation will blow a hole through Government spending plans.

Adam Fergusson's When Money Dies provides a dire historical warning from Weimar-era Germany on the corrosive and merciless effects of inflation.

The book was originally written for a British audience in the 1970s. It would be stretching things to draw close parallels with the ‘quantitative easing' era overseen by Bank of England governor Mervyn King and chancellor George Osborne, but the lessons from the 1970s are sobering.

Jonathan Werran

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