1 jan 1923 ano - Hyperinflation

Descrição:

Long-term causes: 1914-1918
-During war, government used war loans under condition those lending would receive repayment with interest after the war
-Government put more money into circulation, abandoning link between paper money + gold reserves.
-2000m marks in circulation 1913 --> 45,000m in 1919
-Value of currency fell in 1919 to less than 20% of pre-war level
-Budget deficit before war

Medium-term causes: 1919-1922
-Printed more money
-Coal mines from the Saar given to the French in Treaty of Versailles
-1921, £6.6 billion reparations
-1922, Germany fell behind on reparations

Short-term causes: 1923
-Occupation of the Ruhr
-Passive resistance under Cuno
-Inflation reached peak

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