by Dub
[Series Title and Publisher Information]: Title pages and series information for 'Finanz- und Volkswirtschaftliche Zeitfragen', edited by Georg Schanz and Julius Wolf, published by Ferdinand Enke in Stuttgart. [Publisher Correspondence and Review Copies]: Duplicate letters from the publisher Ferdinand Enke to an editorial office, listing various scientific and economic books provided for review purposes. [Main Title Page]: The main title page for Moriz Dub's work on the 'Catastrophe Boom' in Austria and Germany, including publication details and copyright notice. [The Nature of the Catastrophe Boom and Social Impacts]: Dub describes the 'Katastrophenhausse' (catastrophe boom) as a direct result of currency devaluation following WWI. He argues that the stock market boom is a mirage caused by the falling value of money, which destroys the incentive to save and forces all social classes into speculative behavior to survive rising costs. He distinguishes between genuine wealth created by labor and the 'false shine' of wealth derived from the liquidation of national assets and the impoverishment of the general public. [The Erosion of Capital and the Shift to Substance Values]: The author analyzes how hyperinflation has destroyed the traditional 'rentier' class and the mechanism of capital formation through saving. He explains that investors no longer look for dividends but for 'substance values' (Sachwerte) like land or industrial shares to protect their remaining wealth. This shift has turned the stock market into a purely speculative arena where technical analysis of balance sheets is ignored in favor of following mass movements and chasing nominal price increases. [Economic Logic of the Boom and Foreign Influence]: Dub examines the economic drivers of the boom, noting that while industry appears busy due to export advantages from a weak currency, this is a 'sham prosperity' (Scheinkonjunktur). He discusses the danger of 'Überfremdung' (foreign control) as international investors buy up Austrian and German assets at fire-sale prices. He argues that while foreign capital like that of Hugo Stinnes can revitalize dormant industries, it risks permanent economic subjugation. He concludes that a moderate stabilization of the currency is preferable to a radical appreciation, which would trigger a collapse of the export-dependent industry. [Comparative Stock Valuations and Dollar Parity Tables]: This section provides detailed statistical tables comparing stock prices in Vienna and Berlin from 1914 to late 1921. By converting these prices into US Dollars, Dub demonstrates that despite massive nominal gains in local currency, the real value of these assets has plummeted. He uses these figures to prove that the 'boom' is merely an asymptotic adjustment to currency failure, and that long-term holders of these stocks have actually lost significant capital in real terms. [The Illusion of Wealth and the Risk of Collapse]: Dub warns that the high nominal stock prices create a dangerous illusion of wealth. He notes that the state taxes these nominal gains as if they were real profits, further depleting private capital. He discusses the 'scarcity' of shares caused by bank buyouts and foreign acquisitions, but warns that this scarcity will vanish instantly if the currency stabilizes. The essay concludes by predicting that any successful monetary reform or stabilization will inevitably lead to a violent stock market crash as the 'stimulus' of currency devaluation is removed. [Series Bibliography and Forthcoming Works]: A comprehensive list of the 80 volumes in the 'Finanz- und Volkswirtschaftliche Zeitfragen' series, followed by announcements for forthcoming works on Hungarian and Czech finance, and an advertisement for Max Schmidt's 'Grundriß der ethnologischen Volkswirtschaftslehre'.
Title pages and series information for 'Finanz- und Volkswirtschaftliche Zeitfragen', edited by Georg Schanz and Julius Wolf, published by Ferdinand Enke in Stuttgart.
Read full textDuplicate letters from the publisher Ferdinand Enke to an editorial office, listing various scientific and economic books provided for review purposes.
Read full textThe main title page for Moriz Dub's work on the 'Catastrophe Boom' in Austria and Germany, including publication details and copyright notice.
Read full textDub describes the 'Katastrophenhausse' (catastrophe boom) as a direct result of currency devaluation following WWI. He argues that the stock market boom is a mirage caused by the falling value of money, which destroys the incentive to save and forces all social classes into speculative behavior to survive rising costs. He distinguishes between genuine wealth created by labor and the 'false shine' of wealth derived from the liquidation of national assets and the impoverishment of the general public.
Read full textThe author analyzes how hyperinflation has destroyed the traditional 'rentier' class and the mechanism of capital formation through saving. He explains that investors no longer look for dividends but for 'substance values' (Sachwerte) like land or industrial shares to protect their remaining wealth. This shift has turned the stock market into a purely speculative arena where technical analysis of balance sheets is ignored in favor of following mass movements and chasing nominal price increases.
Read full textDub examines the economic drivers of the boom, noting that while industry appears busy due to export advantages from a weak currency, this is a 'sham prosperity' (Scheinkonjunktur). He discusses the danger of 'Überfremdung' (foreign control) as international investors buy up Austrian and German assets at fire-sale prices. He argues that while foreign capital like that of Hugo Stinnes can revitalize dormant industries, it risks permanent economic subjugation. He concludes that a moderate stabilization of the currency is preferable to a radical appreciation, which would trigger a collapse of the export-dependent industry.
Read full textThis section provides detailed statistical tables comparing stock prices in Vienna and Berlin from 1914 to late 1921. By converting these prices into US Dollars, Dub demonstrates that despite massive nominal gains in local currency, the real value of these assets has plummeted. He uses these figures to prove that the 'boom' is merely an asymptotic adjustment to currency failure, and that long-term holders of these stocks have actually lost significant capital in real terms.
Read full textDub warns that the high nominal stock prices create a dangerous illusion of wealth. He notes that the state taxes these nominal gains as if they were real profits, further depleting private capital. He discusses the 'scarcity' of shares caused by bank buyouts and foreign acquisitions, but warns that this scarcity will vanish instantly if the currency stabilizes. The essay concludes by predicting that any successful monetary reform or stabilization will inevitably lead to a violent stock market crash as the 'stimulus' of currency devaluation is removed.
Read full textA comprehensive list of the 80 volumes in the 'Finanz- und Volkswirtschaftliche Zeitfragen' series, followed by announcements for forthcoming works on Hungarian and Czech finance, and an advertisement for Max Schmidt's 'Grundriß der ethnologischen Volkswirtschaftslehre'.
Read full text