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Beginning of Paper
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The Great Inflation
In late-1922 the German government were forced to ask the Allies for a moratorium on reparations payments; this was refused, and she then defaulted on shipments of both coal and timber to France. By January of the following year, French and Belgian troops had entered and occupied the Ruhr. The German people, perhaps for the first time since 1914, united behind their government, and passive resistanc ....
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Middle of Paper
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.... saw their savings wiped out. These were, in essence, the people who were later to become the hard-core of the Nazi vote.
Economists will argue that runaway hyperinflation has two sources. Firstly, it arises through a fall in the foreign exchange value of a currency, when an adverse balance of payments reduces foreign investors demand for the currency. A falling exchange rate increases the cost of imports and, therefore, the cost of living. Wages rise as workers try to maint ....
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ADDITIONAL FEATURED ESSAYS
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