THE SUNDAY TELEGRAPH: An obscure book about the collapse of the German economy in the 1920s has become cult reading among leading financiers, after a tip from billionaire investor Warren Buffett.
Mr Buffett, known as the Sage of Omaha because of his shrewd investments, apparently told friends that When Money Dies illustrated what could happen today if European governments attempt to spend their way out of the downturn.
Written in 1975 by Adam Fergusson, a one-time adviser to Tory minister Lord Howe, the book charts how the German economy was ruined by hyperinflation after the Weimar government allowed public spending to run out of control.
The collapse of the Weimar Republic cleared the way for Adolf Hitler’s Nazis to seize power in 1933.
After Mr Buffett tipped off a Dutch financier friend about the wisdom of Fergusson's analysis, his book became the talk of right-wing blogs and economics websites, with copies changing hands for up to £1,600.
Old Street Publishing, a small British publisher, has rushed out a new edition to meet demand. >>> Matthew Moore | Sunday, July 11, 2010
