Year 12s: what will be the first way you research your future options? >>

History Soc.

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Hyperinflation!

Basically, money is representative of gold which has worth. You can only have as much money in circulation as you have gold in your reserves, be they the bank of England here, Fort Knox in the US, etc etc. If you print more money it loses worth, basically, because the amount of money people have is worth less.

To give an example:

Say you had £10 in savings. With this you could buy, say, 10 national lottery tickets at £1 each. Now say that the Government prints more money. The more money there is around, the less things get worth, as businesses raise prices to cope with the new larger supply of money. So now your lottery ticket might cost £2, rather than £1 before. But your £10 note is now worth, effectively, half as much because you can only buy 5 lottery tickets with it as opposed to 10.

So if the government were to make everyone billionaires things prices would go up to compensate; you can't have everyone buying £billion worth of Ferrarris, say, or private villas hence such things would have their prices raised.

Reply 101

Consie

The German's realised this in World War One when they were printing money like crazy, but they just thought they'd make the allies pay the bill when they won. They lost...gutted.

Reply 102

NickiM

Consie

The German's realised this in World War One when they were printing money like crazy, but they just thought they'd make the allies pay the bill when they won. They lost...gutted.

Shame they didn't learn from their mistakes :smile:

Reply 103

Consie

Lol. We're just lucky we won. The main reason why the Treaty of Versailles was so harsh on the poor Germans was because our inexperience of waging war on such a massive scale left us all totally skint.

War became so much more high stakes in the 20th century. Back when we were fighting France in the days of the old school (as in swords and castles old school), if we lost on the mainland we'd just catch a ship home and try again some other time.

Reply 104

Alexii

OK, just to protect myself from sounding like a complete idiot my 'billionaire' comment was not a serious one.

Reply 105

Consie

lol

Is anyone else here preparing for the HAT test at Oxford?

Reply 106

emsy88

Consie

lol

Is anyone else here preparing for the HAT test at Oxford?

I would love to but really am not sure exactly what I should be doing. I am reading up on the topic areas I studied during A level and am going to start praticing the papers on the Oxford website to get a feel for answering the questions.

Reply 107

Consie

Me neither, I'm just reading books about bits of history I'm interested in, and drilling my technique with some AEA papers. If i come in the top 20% (big ask) and come in the top half at interview, ill stand a fighting chance.

Reply 108

Jordan7

I did the 05 paper on the website today and im not looking forwrd to doing it in novemeber. Just been readin In defence of history etc. Whats everyone else doing?

Reply 109

Consie

Whats in defence of history like? Im going to start reading it after my other historiography books.

anyone know what 'Africa and the Victorians' is like, by Robinson and Ghallagher?

Reply 110

Jordan7

It's really insightful, especially after looking at the mark schemes for tht HAT, a lot of the stuff in it would come in use for helping to annalyse the questions more thoroughly. Though I have to say it makes my balls ache a bit, its really wordy.

Reply 111

Consie

Wow, i always thought reading Carr or Elton was pure grind, from what ive read from evans, i thought he was a breath of fresh air.

I might try and read it in a day like i did with one of my english books - time is getting tight for this HAT exam, im totally not up for it at the moment.

Reply 112

Jordan7

Its a breath of fresh air to 'What is History', though it consists of the same chapters. Theres a bit on quantification and how two guys tried to show how history should b a science using statistics to show tht slaves actually had a half decent standard of living due to economic deficiency. This would, if true, nudge history towards being studies combined with the social sciences. The sums were found to be all wrong and just a ploy by scientists to disregard the importance of history. Thought that was quite an interesting piece of narrative for a historiography book.

Reply 113

Jordan7

which college are you applying to?

Keble. urah

Have you done your essay yet? Iv only done one and by nov will only have 2 to choose from so i rekkon il be pretty screwed ther.

Reply 116

Consie

i havent even thought about my essay. we only have to send in one dont we?

Reply 117

Jordan7

Yh just the one, the problem comes with it having to be sat under timed conditions - according to the tutor at Lincoln College. So it means actually revising for essays during my history lessons on a friday afternoon

Reply 118

Consie

Hows he going to know whether it was timed or not?

Lincoln, bloody hell, thats uber competative for History, you must be **** hot.

Reply 119

Jordan7

Consie

Hows he going to know whether it was timed or not?

Lincoln, bloody hell, thats uber competative for History, you must be **** hot.

You get a certificate thing from oxford where your teacher says that you did it under timed conditons and tht u agree that the work hasnt been edited for oxford entrance.

As for being **** hot i jus see it as if im good enough to get into lincoln il get into lincoln, if im good enough for oxford il get in sumwer else. Plus all th birds wer hot ther on the open day.