The Effect Of Hyper Inflation Of 1923 On The Lives Of Germans

665 words - 3 pages

The Effect of Hyper-Inflation of 1923 on the Lives of Germans

After the war there had been a period of stability, but this was much
akin to the calm before a storm; inflation soon resumed and by 1923
was raging as the "wildest inflation in history". Prices would double
in a matter of hours. A wild stampede erupted as people rushed to buy
food and get rid of money. The government, however, continued to print
paper money in an attempt to appease the people, despite not having
sufficeint resources to support the currency; this led to constantly
rising inflation.

Germany's hyper-inflation hit its worst point ever in 1923. By this
time prices had become ...view middle of the document...

Also, German goods
became cheap for other countries to buy, thus stimulating her trade
and employment.

All hope of checking the collapse of the mark vanished when Germany
could not make the reparations payment due in January 1923, France and
Belgium invaded the Ruhr, Germany's key industrial district; the
econimic situation plumetted further still. New programmes and laws
passed by the government, such as the expensive 'passive resistance',
worsened the situation still. New billions of marks were printed to
finance these heavy costs and by late 1923, 300 paper mills and 150
printing companies had 2000 presses going day and night, top speed,
turning out currency.

As usual under such dire cicumstances, a black market flourished, made
up mostly of those who had foresight early on during the inflation to
exchange marks into foreign money before the mark lost too much value
or new laws made it difficult; those who held funds in pounds, dollars
or other currencies such as gold saved their capital. The government
did set up...

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