The Inflation Pilgrimage

ISBN-13: 9783565190218 / Angielski / Miękka / 108 str.

Malik Sand

Opis

"The Inflation Pilgrimage - The king who was so rich he destroyed an economy by being nice" tells the legendary story of Mansa Musa, the Emperor of Mali and likely the richest human being who ever lived. In 1324, he set out on a Hajj to Mecca. He didn't travel light; he brought a caravan of 60,000 men and 80 camels, each carrying 300 pounds of gold dust.Economic historian Malik Sand describes what happened when Musa arrived in Cairo. He was so generous, handing out gold to the poor and buying souvenirs at any price, that he flooded the market. The sudden influx of bullion caused the value of gold to plummet and prices of goods to skyrocket."The Inflation Pilgrimage" analyzes the hyperinflation that devastated the economy of the Middle East for over a decade. It is a fascinating lesson on the mechanics of value, showing that even gold is worthless if there is too much of it, and that unchecked generosity can be as destructive as greed.

The incredible story of the richest man in history, whose vacation to Mecca caused a ten-year economic crisis in Egypt.