When Money Dies by Adam Fergusson
As the title suggest, it is a nightmare of a currency collapse. Dark days of Germany, Hungary and Austria are detailed with a historians meticulousness.
The style is not very free flowing thus impeding enjoyment.
Scope of the book is to provide an account but not survival guide to hyperinflation. Although implicit in the pages is the illegal activities conducted by businessmen when faced to the wall is evident by going long on foreign currencies and shares which represent tangible assets.
Just before the first world war Mark, Pound, Franc and Lira were about the same but over the next decade reparations and printing press rapidly impoverished Mark to 1 trillionth versus other currencies. The insurance sum received by widows or claims was less in purchasing power than the premium paid out of hard earned income in former years. Buffett who recommends this book is so correct in asserting that cash under carpet or bank is the worst asset one can own.