The Great Inflation
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 resistance to the occupying troops
was ordered. A government-funded strike began as thousands of workers
marched out of their factories and steel works. The German economy,
already under massive pressure, gave way. The huge cost of funding the
strike in the Ruhr and the costs of imports to meet basic consumer needs
were met by the familiar expedient of the printing presses. Note
circulation increased rapidly, and by November 1923 had reached almost 92
trillion marks. With less than three per cent of government expenditure
being met from income and with the cost......
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