Warren Buffett says he is unaware of an obscure 35-year-old book on German hyperinflation in the 1920s until a reporter called to ask about a report he's recommending it as a must-read.
“When Money Dies,” by Adam Fergusson, was first published in 1975.
The book has been described as combining analysis with "eyewitness accounts by ordinary people struggling to survive" as Germany's currency lost almost all its value during the post-World War I Weimar Republic.
The book had been out of print and hard to find until it was republished as a paperback this month in England.
Britain's Telegraph newspaper recently reported that the book is now a "cult hit" because Buffett "apparently told friends that ‘When Money Dies’ illustrated what could happen today if European governments attempt to spend their way out of the (economic) downturn."
Buffett's recommendation of a book arguing for a “sound currency” makes for a good story as governments around the world struggle with a policy debate over inflation versus economic growth, CNBC reported
But Buffett, chief executive of Berkshire Hathaway, told CNBC he had "never heard" of the book.
Details on the reported recommendation were sketchy.
The Telegraph reported that Buffett "tipped off a Dutch financier friend about the wisdom of Fergusson's analysis" making it "the talk of right-wing blogs and economics websites."
The friend wasn’t identified in the story, but "claims to have bought hundreds of copies to send to the Dutch government and the European Central Bank."
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