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class="vector-toc-list"> <li id="toc-Inflation_during_the_First_World_War" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_during_the_First_World_War"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Inflation during the First World War</span> </div> </a> <ul id="toc-Inflation_during_the_First_World_War-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inflation_immediately_after_the_First_World_War" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_immediately_after_the_First_World_War"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Inflation immediately after the First World War</span> </div> </a> <ul id="toc-Inflation_immediately_after_the_First_World_War-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Hyperinflation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Hyperinflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Hyperinflation</span> </div> </a> <ul id="toc-Hyperinflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stabilisation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Stabilisation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Stabilisation</span> </div> </a> <ul id="toc-Stabilisation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Revaluation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Revaluation"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Revaluation</span> </div> </a> <ul id="toc-Revaluation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Causes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Causes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Causes</span> </div> </a> <ul id="toc-Causes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Aftermath_and_legacy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Aftermath_and_legacy"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Aftermath and legacy</span> </div> </a> <ul id="toc-Aftermath_and_legacy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-General_and_cited_sources" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#General_and_cited_sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>General and cited sources</span> </div> </a> <ul id="toc-General_and_cited_sources-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Hyperinflation in the Weimar Republic</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 24 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-24" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">24 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85_%D8%A7%D9%84%D8%AC%D8%A7%D9%85%D8%AD_%D9%81%D9%8A_%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9_%D9%81%D8%A7%D9%8A%D9%85%D8%A7%D8%B1" title="التضخم الجامح في جمهورية فايمار – Arabic" lang="ar" hreflang="ar" data-title="التضخم الجامح في جمهورية فايمار" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Hiperinflaci%C3%B3n_na_Rep%C3%BAblica_de_Weimar" title="Hiperinflación na República de Weimar – Asturian" lang="ast" hreflang="ast" data-title="Hiperinflación na República de Weimar" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A5%D0%B8%D0%BF%D0%B5%D1%80%D0%B8%D0%BD%D1%84%D0%BB%D0%B0%D1%86%D0%B8%D1%8F_%D0%B2%D1%8A%D0%B2_%D0%92%D0%B0%D0%B9%D0%BC%D0%B0%D1%80%D1%81%D0%BA%D0%B0%D1%82%D0%B0_%D1%80%D0%B5%D0%BF%D1%83%D0%B1%D0%BB%D0%B8%D0%BA%D0%B0" title="Хиперинфлация във Ваймарската република – Bulgarian" lang="bg" hreflang="bg" data-title="Хиперинфлация във Ваймарската република" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Hiperinflaci%C3%B3_alemanya" title="Hiperinflació alemanya – Catalan" lang="ca" hreflang="ca" data-title="Hiperinflació alemanya" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Deutsche_Inflation_1914_bis_1923" title="Deutsche Inflation 1914 bis 1923 – German" lang="de" hreflang="de" data-title="Deutsche Inflation 1914 bis 1923" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Hiperinflaci%C3%B3n_en_la_Rep%C3%BAblica_de_Weimar" title="Hiperinflación en la República de Weimar – Spanish" lang="es" hreflang="es" data-title="Hiperinflación en la República de Weimar" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Weimarko_Errepublikako_hiperinflazioa" title="Weimarko Errepublikako hiperinflazioa – Basque" lang="eu" hreflang="eu" data-title="Weimarko Errepublikako hiperinflazioa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%A8%D8%B1%D8%AA%D9%88%D8%B1%D9%85_%D8%AF%D8%B1_%D8%AC%D9%85%D9%87%D9%88%D8%B1%DB%8C_%D9%88%D8%A7%DB%8C%D9%85%D8%A7%D8%B1" title="ابرتورم در جمهوری وایمار – Persian" lang="fa" hreflang="fa" data-title="ابرتورم در جمهوری وایمار" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Hyperinflation_de_la_r%C3%A9publique_de_Weimar" title="Hyperinflation de la république de Weimar – French" lang="fr" hreflang="fr" data-title="Hyperinflation de la république de Weimar" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Hiperinflaci%C3%B3n_na_Rep%C3%BAblica_de_Weimar" title="Hiperinflación na República de Weimar – Galician" lang="gl" hreflang="gl" data-title="Hiperinflación na República de Weimar" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B0%94%EC%9D%B4%EB%A7%88%EB%A5%B4_%EA%B3%B5%ED%99%94%EA%B5%AD%EC%9D%98_%EC%B4%88%EC%9D%B8%ED%94%8C%EB%A0%88%EC%9D%B4%EC%85%98" title="바이마르 공화국의 초인플레이션 – Korean" lang="ko" hreflang="ko" data-title="바이마르 공화국의 초인플레이션" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Inflasi_di_Republik_Weimar" title="Inflasi di Republik Weimar – Indonesian" lang="id" hreflang="id" data-title="Inflasi di Republik Weimar" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Ver%C3%B0b%C3%B3lga_%C3%AD_Weimar-l%C3%BD%C3%B0veldinu" title="Verðbólga í Weimar-lýðveldinu – Icelandic" lang="is" hreflang="is" data-title="Verðbólga í Weimar-lýðveldinu" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%99%D7%A4%D7%A8-%D7%90%D7%99%D7%A0%D7%A4%D7%9C%D7%A6%D7%99%D7%94_%D7%91%D7%A8%D7%A4%D7%95%D7%91%D7%9C%D7%99%D7%A7%D7%AA_%D7%95%D7%99%D7%99%D7%9E%D7%90%D7%A8" title="היפר-אינפלציה ברפובליקת ויימאר – Hebrew" lang="he" hreflang="he" data-title="היפר-אינפלציה ברפובליקת ויימאר" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Hiperinflasi_di_Republik_Weimar" title="Hiperinflasi di Republik Weimar – Malay" lang="ms" hreflang="ms" data-title="Hiperinflasi di Republik Weimar" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Hyperinflatie_in_de_Weimarrepubliek" title="Hyperinflatie in de Weimarrepubliek – Dutch" lang="nl" hreflang="nl" data-title="Hyperinflatie in de Weimarrepubliek" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://ja.wikipedia.org/wiki/%E3%83%B4%E3%82%A1%E3%82%A4%E3%83%9E%E3%83%AB%E5%85%B1%E5%92%8C%E6%94%BF%E3%81%AE%E3%83%8F%E3%82%A4%E3%83%91%E3%83%BC%E3%82%A4%E3%83%B3%E3%83%95%E3%83%AC%E3%83%BC%E3%82%B7%E3%83%A7%E3%83%B3" title="ヴァイマル共和政のハイパーインフレーション – Japanese" lang="ja" hreflang="ja" data-title="ヴァイマル共和政のハイパーインフレーション" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Hyperinflasjonen_i_Weimarrepublikken" title="Hyperinflasjonen i Weimarrepublikken – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Hyperinflasjonen i Weimarrepublikken" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Hiperinflacja_w_Republice_Weimarskiej" title="Hiperinflacja w Republice Weimarskiej – Polish" lang="pl" hreflang="pl" data-title="Hiperinflacja w Republice Weimarskiej" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Hiperinfla%C3%A7%C3%A3o_na_Rep%C3%BAblica_de_Weimar" title="Hiperinflação na República de Weimar – Portuguese" lang="pt" hreflang="pt" data-title="Hiperinflação na República de Weimar" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Inflationen_i_Weimarrepubliken" title="Inflationen i Weimarrepubliken – Swedish" lang="sv" hreflang="sv" data-title="Inflationen i Weimarrepubliken" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Weimar_Cumhuriyeti%27nde_hiperenflasyon" title="Weimar Cumhuriyeti'nde hiperenflasyon – Turkish" lang="tr" hreflang="tr" data-title="Weimar Cumhuriyeti'nde hiperenflasyon" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Si%C3%AAu_l%E1%BA%A1m_ph%C3%A1t_%E1%BB%9F_C%E1%BB%99ng_h%C3%B2a_Weimar" title="Siêu lạm phát ở Cộng hòa Weimar – Vietnamese" lang="vi" hreflang="vi" data-title="Siêu lạm phát ở Cộng hòa Weimar" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%A8%81%E7%91%AA%E5%85%B1%E5%92%8C%E5%9C%8B%E6%83%A1%E6%80%A7%E9%80%9A%E8%B2%A8%E8%86%A8%E8%84%B9" title="威瑪共和國惡性通貨膨脹 – Chinese" lang="zh" hreflang="zh" data-title="威瑪共和國惡性通貨膨脹" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg/260px-Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg" decoding="async" width="260" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg/390px-Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/89/Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg/520px-Bundesarchiv_Bild_183-R1215-506%2C_Berlin%2C_Reichsbank%2C_Geldauflieferungsstelle.jpg 2x" data-file-width="778" data-file-height="492" /></a><figcaption>Piles of new <i><a href="/wiki/Notgeld" title="Notgeld">Notgeld</a></i> <a href="/wiki/Banknote" title="Banknote">banknotes</a> awaiting distribution at the <a href="/wiki/Reichsbank" title="Reichsbank">Reichsbank</a> during the hyperinflation</figcaption></figure> <p><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a> affected the <a href="/wiki/Papiermark" title="Papiermark">German Papiermark</a>, the currency of the <a href="/wiki/Weimar_Republic" title="Weimar Republic">Weimar Republic</a>, between 1921 and 1923, primarily in 1923. The German currency had seen significant inflation during the <a href="/wiki/First_World_War" class="mw-redirect" title="First World War">First World War</a> due to the way in which the German government funded its war effort through borrowing, with debts of 156 billion marks by 1918. This <a href="/wiki/National_debt" class="mw-redirect" title="National debt">national debt</a> was substantially increased by 50 billion marks of reparations payable in cash and in-kind (e.g., with coal and timber) under the May 1921 London Schedule of Payments agreed after the <a href="/wiki/Versailles_treaty" class="mw-redirect" title="Versailles treaty">Versailles treaty</a>. </p><p>This inflation continued into the post-war period, particularly when in August 1921 the German central bank began buying hard cash with paper currency at any price, which they claimed was to pay reparations in hard cash, though little in the way of cash reparations payments were made until 1924. The currency stabilised in early 1922, but then hyperinflation took off: the exchange value of the mark fell from 320 marks per dollar in mid 1922 to 7,400 marks per US dollar by December 1922. This hyperinflation continued into 1923, and by November 1923, one US dollar was worth 4,210,500,000,000 marks. Various measures were introduced by German authorities to address this, including a new currency called the <i>Rentenmark</i>, backed by mortgage bonds, later itself replaced by the Reichsmark, and the blocking of the national bank from printing further paper currency. </p><p>By 1924 the currency had stabilised and German reparations payments began again under the <a href="/wiki/Dawes_Plan" title="Dawes Plan">Dawes Plan</a>. As the catastrophic fall in the value of the mark had effectively wiped out debts owed, some debts (e.g. mortgages) were revalued so that the lenders could recoup some of their money. </p><p>Hyperinflation caused considerable internal political instability in the country. Historians and economists are divided on the causes of this hyperinflation, particularly the extent to which it was caused by reparations payments. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Inflation_during_the_First_World_War">Inflation during the First World War</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=2" title="Edit section: Inflation during the First World War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To pay for the large costs of the <a href="/wiki/First_World_War" class="mw-redirect" title="First World War">First World War</a>, Germany suspended the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> (the convertibility of its currency to gold) when the war broke out in 1914. Unlike <a href="/wiki/French_Third_Republic" title="French Third Republic">France</a>, which imposed its first <a href="/wiki/Income_tax" title="Income tax">income tax</a> to pay for the war, German Emperor <a href="/wiki/Wilhelm_II,_German_Emperor" class="mw-redirect" title="Wilhelm II, German Emperor">Wilhelm II</a> and the <a href="/wiki/Reichstag_(German_Empire)" title="Reichstag (German Empire)">Reichstag</a> decided unanimously to fund the war entirely by <a href="/wiki/Debt" title="Debt">borrowing</a>. </p><p>The government believed that it would be able to pay off the debt by winning the war and imposing war reparations on the defeated Allies. This was to be done by annexing resource-rich industrial territory in the west and east and imposing cash payments to Germany, similar to the <a href="/wiki/French_indemnity" title="French indemnity">French indemnity</a> that followed German victory over France in 1870.<sup id="cite_ref-FOOTNOTEEvans2003103_1-0" class="reference"><a href="#cite_note-FOOTNOTEEvans2003103-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> However, the exchange rate of the mark against the <a href="/wiki/US_dollar" class="mw-redirect" title="US dollar">US dollar</a> steadily devalued from 4.2 to 7.9 marks per dollar between 1914 and 1918, a preliminary warning of the extreme postwar inflation.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>This strategy failed as Germany lost the war, which left the new Weimar Republic saddled with massive war debts that it could not afford: the national debt stood at 156 billion marks in 1918.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The debt problem was exacerbated by printing money without any economic resources to back it.<sup id="cite_ref-FOOTNOTEEvans2003103_1-1" class="reference"><a href="#cite_note-FOOTNOTEEvans2003103-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> characterised the inflationary policies of various wartime governments in his 1919 book <i><a href="/wiki/The_Economic_Consequences_of_the_Peace" title="The Economic Consequences of the Peace">The Economic Consequences of the Peace</a></i> as follows: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The various belligerent Governments, unable, or too timid or too short-sighted to secure from loans or taxes the resources they required, have printed notes for the balance.</p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Inflation_immediately_after_the_First_World_War">Inflation immediately after the First World War</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=3" title="Edit section: Inflation immediately after the First World War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The value of the German currency continued to fall in the immediate aftermath of the war. By late 1919, the German government had signed the <a href="/wiki/Treaty_of_Versailles" title="Treaty of Versailles">Treaty of Versailles</a>, which included an agreement to pay substantial reparations to the Allied powers both in hard cash and in in-kind shipments of goods such as coal and timber. By then, 48 paper marks were required to buy a US dollar.<sup id="cite_ref-:0_4-0" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In May 1921 the amount to be paid by the Central Powers as a whole was fixed at 132 billion gold marks under the London Schedule of payments which set quarterly deadlines for payments. Of this, 50 billion gold marks was listed in A and B bonds payable under the quarterly deadlines in the schedule; the remaining sum, about 82 billion gold marks, was listed as C bonds that were somewhat hypothetical and not payable under the schedule but instead left to an undefined future date, with the Germans being informed that they realistically would not have to pay them.<sup id="cite_ref-Marks_1978_5-0" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 237">: 237 </span></sup><sup id="cite_ref-Working_Papers_No._163/12_6-0" class="reference"><a href="#cite_note-Working_Papers_No._163/12-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The German currency was relatively stable at about 90 marks per dollar during the first half of 1921.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Because the <a href="/wiki/Western_Front_(World_War_I)" title="Western Front (World War I)">Western Front</a> of the war had been mostly fought in <a href="/wiki/France" title="France">France</a> and <a href="/wiki/Belgium" title="Belgium">Belgium</a>, Germany came out of the war with most of its industrial infrastructure intact, leaving it in a better place economically than neighbouring France and Belgium.<sup id="cite_ref-Marks,_page_53_8-0" class="reference"><a href="#cite_note-Marks,_page_53-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The first payment of one billion gold marks was made when it came due in June 1921.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> At this point, customs posts in the west of Germany were occupied by Allied officials, so that the schedule of payments could be enforced. However, following the first payment the Allied officials were withdrawn from everywhere but <a href="/wiki/D%C3%BCsseldorf" title="Düsseldorf">Düsseldorf</a>, and whilst some payments in kind continued, only small cash payments were subsequently made for the remainder of 1921–22.<sup id="cite_ref-Marks_1978_5-1" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 237">: 237 </span></sup> </p><p>From August 1921, the president of the Reichsbank, <a href="/wiki/Rudolf_Havenstein" title="Rudolf Havenstein">Rudolf Havenstein</a>, began a strategy of buying foreign currency with marks at any price, without any regard for inflation, and it only increased the speed of the collapse in value of the mark.<sup id="cite_ref-Fergusson_p._40_11-0" class="reference"><a href="#cite_note-Fergusson_p._40-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> German officials claimed this was in order to make cash payments owed to the Allies using foreign currency. British and French experts stated that this was in an effort to ruin the German currency and, as well as escaping the need for budgetary reform, avoid paying reparations altogether, a claim supported by Reich Chancellery records showing that delaying the currency and budgetary reform that could have addressed hyperinflation was seen as advantageous. Whilst ruinous to the economy and politically destabilising, hyperinflation had advantageous aspects for the German government as, although the war reparations were not listed in paper currency, domestic debts owed from the war were listed, meaning that inflation greatly reduced this debt relative to revenues.<sup id="cite_ref-Marks_1978_5-2" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 239">: 239 </span></sup> </p><p>In the first half of 1922, the mark stabilized at about 320 marks per dollar.<sup id="cite_ref-:0_4-1" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> International conferences were held. One, in June 1922, was organized by US investment banker <a href="/wiki/J._P._Morgan,_Jr." class="mw-redirect" title="J. P. Morgan, Jr.">J. P. Morgan, Jr.</a><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The meetings produced no workable solution, and inflation erupted into hyperinflation, the mark falling to 7,400 marks per US dollar by December 1922.<sup id="cite_ref-:0_4-2" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Cost-of-living_index" title="Cost-of-living index">cost-of-living index</a> was 41 in June 1922 and 685 in December, a nearly 17-fold increase.<sup id="cite_ref-FOOTNOTEEvans2003104_13-0" class="reference"><a href="#cite_note-FOOTNOTEEvans2003104-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>After Germany failed for the thirty-fourth time in thirty-six months to pay an instalment of in-kind reparations of coal, in January 1923 French and Belgian troops <a href="/wiki/Occupation_of_the_Ruhr" title="Occupation of the Ruhr">occupied the Ruhr valley</a>, Germany's main industrial region. 900 million gold marks of reparations were ultimately secured this way.<sup id="cite_ref-Marks_1978_5-3" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 245">: 245 </span></sup> </p><p>The German government's response was to order a policy of <a href="/wiki/Passive_resistance" class="mw-redirect" title="Passive resistance">passive resistance</a> in the Ruhr, with workers being told to do nothing which helped the French and Belgians in any way. While this policy, in practice, amounted to a <a href="/wiki/General_strike" title="General strike">general strike</a> to protest the occupation, the striking workers still had to be given financial support. The government paid these workers by printing more and more banknotes, with Germany soon being swamped with paper money, exacerbating the hyperinflation even further.<sup id="cite_ref-johndclare.net_14-0" class="reference"><a href="#cite_note-johndclare.net-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Hyperinflation">Hyperinflation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=4" title="Edit section: Hyperinflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Germany_Hyperinflation.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Germany_Hyperinflation.svg/220px-Germany_Hyperinflation.svg.png" decoding="async" width="220" height="257" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Germany_Hyperinflation.svg/330px-Germany_Hyperinflation.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Germany_Hyperinflation.svg/440px-Germany_Hyperinflation.svg.png 2x" data-file-width="509" data-file-height="594" /></a><figcaption>Weimar Republic hyperinflation from one to a <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a> paper marks per gold mark; values on <a href="/wiki/Logarithmic_scale" title="Logarithmic scale">logarithmic scale</a>.</figcaption></figure> <p>A loaf of bread in Berlin that cost around 160 marks at the end of 1922 cost 200,000,000,000 or 200 billion (2×10<sup>11</sup>) marks by late 1923.<sup id="cite_ref-johndclare.net_14-1" class="reference"><a href="#cite_note-johndclare.net-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>By November 1923, one US dollar was worth 4,210,500,000,000 or 4.2 trillion (4.2105×10<sup>12</sup>) German marks.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <ul class="gallery mw-gallery-traditional"> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:50000_mark_aachen.jpg" class="mw-file-description" title="50,000 marks, Aachen, 1923"><img alt="50,000 marks, Aachen, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/50000_mark_aachen.jpg/106px-50000_mark_aachen.jpg" decoding="async" width="106" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/50000_mark_aachen.jpg/160px-50000_mark_aachen.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/50000_mark_aachen.jpg/213px-50000_mark_aachen.jpg 2x" data-file-width="4292" data-file-height="4837" /></a></span></div> <div class="gallerytext">50,000 marks, Aachen, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:500000_Mark_Leipzig_1923_front.jpg" class="mw-file-description" title="500,000 marks, Leipzig, 1923"><img alt="500,000 marks, Leipzig, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/500000_Mark_Leipzig_1923_front.jpg/120px-500000_Mark_Leipzig_1923_front.jpg" decoding="async" width="120" height="74" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/500000_Mark_Leipzig_1923_front.jpg/180px-500000_Mark_Leipzig_1923_front.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/500000_Mark_Leipzig_1923_front.jpg/240px-500000_Mark_Leipzig_1923_front.jpg 2x" data-file-width="1504" data-file-height="930" /></a></span></div> <div class="gallerytext">500,000 marks, Leipzig, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:5milmkbk.jpg" class="mw-file-description" title="A 5 Million Mark coin, Westphalia, 1923"><img alt="A 5 Million Mark coin, Westphalia, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/5milmkbk.jpg/119px-5milmkbk.jpg" decoding="async" width="119" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/5milmkbk.jpg/178px-5milmkbk.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/37/5milmkbk.jpg/237px-5milmkbk.jpg 2x" data-file-width="2096" data-file-height="2121" /></a></span></div> <div class="gallerytext">A 5 Million Mark coin, Westphalia, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:DAN-23-Danzig-5MIL_Mark_(1923).jpg" class="mw-file-description" title="5,000,000 marks, Danzig, 1923"><img alt="5,000,000 marks, Danzig, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f9/DAN-23-Danzig-5MIL_Mark_%281923%29.jpg/88px-DAN-23-Danzig-5MIL_Mark_%281923%29.jpg" decoding="async" width="88" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f9/DAN-23-Danzig-5MIL_Mark_%281923%29.jpg/132px-DAN-23-Danzig-5MIL_Mark_%281923%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f9/DAN-23-Danzig-5MIL_Mark_%281923%29.jpg/176px-DAN-23-Danzig-5MIL_Mark_%281923%29.jpg 2x" data-file-width="5190" data-file-height="7072" /></a></span></div> <div class="gallerytext">5,000,000 marks, Danzig, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:Notgeld_trier_50_millionen_mark.jpg" class="mw-file-description" title="50,000,000 marks, Trier, 1923"><img alt="50,000,000 marks, Trier, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Notgeld_trier_50_millionen_mark.jpg/107px-Notgeld_trier_50_millionen_mark.jpg" decoding="async" width="107" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Notgeld_trier_50_millionen_mark.jpg/161px-Notgeld_trier_50_millionen_mark.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Notgeld_trier_50_millionen_mark.jpg/214px-Notgeld_trier_50_millionen_mark.jpg 2x" data-file-width="3774" data-file-height="4226" /></a></span></div> <div class="gallerytext">50,000,000 marks, Trier, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:500000000MarkDresdenAltstadt.jpg" class="mw-file-description" title="500,000,000 marks, Dresden, 1923"><img alt="500,000,000 marks, Dresden, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/500000000MarkDresdenAltstadt.jpg/87px-500000000MarkDresdenAltstadt.jpg" decoding="async" width="87" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/500000000MarkDresdenAltstadt.jpg/131px-500000000MarkDresdenAltstadt.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/500000000MarkDresdenAltstadt.jpg/175px-500000000MarkDresdenAltstadt.jpg 2x" data-file-width="1370" data-file-height="1880" /></a></span></div> <div class="gallerytext">500,000,000 marks, Dresden, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:GER-115-Reichsbanknote-5_Billion_Mark_(1923).jpg" class="mw-file-description" title="5 billion (5 Milliarden) marks, Berlin, 1923"><img alt="5 billion (5 Milliarden) marks, Berlin, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c3/GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg/120px-GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg" decoding="async" width="120" height="65" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c3/GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg/180px-GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c3/GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg/240px-GER-115-Reichsbanknote-5_Billion_Mark_%281923%29.jpg 2x" data-file-width="5600" data-file-height="3012" /></a></span></div> <div class="gallerytext">5 billion <i>(5 Milliarden)</i> marks, Berlin, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:50000000000Plauen1923.jpg" class="mw-file-description" title="50 billion (50 Milliarden) marks, Plauen, 1923"><img alt="50 billion (50 Milliarden) marks, Plauen, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/50000000000Plauen1923.jpg/94px-50000000000Plauen1923.jpg" decoding="async" width="94" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/50000000000Plauen1923.jpg/142px-50000000000Plauen1923.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/be/50000000000Plauen1923.jpg/189px-50000000000Plauen1923.jpg 2x" data-file-width="1670" data-file-height="2120" /></a></span></div> <div class="gallerytext">50 billion <i>(50 Milliarden)</i> marks, Plauen, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:GER-127a-Reichsbanknote-500_Billion_Mark_(1923).jpg" class="mw-file-description" title="500 billion (500 Milliarden) marks, Berlin, 1923"><img alt="500 billion (500 Milliarden) marks, Berlin, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg/120px-GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg" decoding="async" width="120" height="59" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/01/GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg/180px-GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/01/GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg/240px-GER-127a-Reichsbanknote-500_Billion_Mark_%281923%29.jpg 2x" data-file-width="4739" data-file-height="2341" /></a></span></div> <div class="gallerytext">500 billion <i>(500 Milliarden)</i> marks, Berlin, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:Fem_biljoner_Mark.jpg" class="mw-file-description" title="5 trillion (5 Billionen, 5×1012) marks, Stuttgart, 1923"><img alt="5 trillion (5 Billionen, 5×1012) marks, Stuttgart, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Fem_biljoner_Mark.jpg/120px-Fem_biljoner_Mark.jpg" decoding="async" width="120" height="67" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Fem_biljoner_Mark.jpg/180px-Fem_biljoner_Mark.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Fem_biljoner_Mark.jpg/240px-Fem_biljoner_Mark.jpg 2x" data-file-width="507" data-file-height="284" /></a></span></div> <div class="gallerytext">5 trillion <i>(5 Billionen, 5×10<sup>12</sup>)</i> marks, Stuttgart, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:50_Billionen_Mark_Stolberg_Eschweiler_001.jpg" class="mw-file-description" title="50 trillion (50 Billionen, 5×1013) marks Eschweiler, 1923"><img alt="50 trillion (50 Billionen, 5×1013) marks Eschweiler, 1923" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/50_Billionen_Mark_Stolberg_Eschweiler_001.jpg/120px-50_Billionen_Mark_Stolberg_Eschweiler_001.jpg" decoding="async" width="120" height="62" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/50_Billionen_Mark_Stolberg_Eschweiler_001.jpg/180px-50_Billionen_Mark_Stolberg_Eschweiler_001.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/50_Billionen_Mark_Stolberg_Eschweiler_001.jpg/240px-50_Billionen_Mark_Stolberg_Eschweiler_001.jpg 2x" data-file-width="832" data-file-height="432" /></a></span></div> <div class="gallerytext">50 trillion <i>(50 Billionen, 5×10<sup>13</sup>)</i> marks Eschweiler, 1923</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:5markcounterstamppostWWI.png" class="mw-file-description" title="Aachen"><img alt="Aachen" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/5markcounterstamppostWWI.png/120px-5markcounterstamppostWWI.png" decoding="async" width="120" height="90" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/5markcounterstamppostWWI.png/180px-5markcounterstamppostWWI.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/43/5markcounterstamppostWWI.png/240px-5markcounterstamppostWWI.png 2x" data-file-width="640" data-file-height="480" /></a></span></div> <div class="gallerytext"><a href="/wiki/Aachen" title="Aachen">Aachen</a></div> </li> </ul> <div class="mw-heading mw-heading2"><h2 id="Stabilisation">Stabilisation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=5" title="Edit section: Stabilisation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>German monetary economics was at that time heavily influenced by <a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> and the <a href="/wiki/German_Historical_School" class="mw-redirect" title="German Historical School">German Historical School</a>, which conditioned the way the hyperinflation was analysed.<sup id="cite_ref-Laidler_Stadler_17-0" class="reference"><a href="#cite_note-Laidler_Stadler-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The hyperinflation crisis led prominent economists and politicians to seek a means to stabilize German currency. In August 1923, an economist, <a href="/wiki/Karl_Helfferich" title="Karl Helfferich">Karl Helfferich</a>, proposed a plan to issue a new currency, the "Roggenmark" ("rye mark"), to be backed by <a href="/wiki/Mortgage_bond" class="mw-redirect" title="Mortgage bond">mortgage bonds</a> <a href="/wiki/Indexation" title="Indexation">indexed</a> to the <a href="/wiki/Market_price" class="mw-redirect" title="Market price">market price</a> of rye grain. The plan was rejected because of the greatly fluctuating price of rye in paper marks.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Agriculture Minister <a href="/wiki/Hans_Luther" title="Hans Luther">Hans Luther</a> proposed a plan that substituted gold for rye and led to the issuance of the <a href="/wiki/German_Rentenmark" class="mw-redirect" title="German Rentenmark">Rentenmark</a> ("mortgage mark"), <a href="/wiki/Backed_currency" class="mw-redirect" title="Backed currency">backed</a> by <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> <a href="/wiki/Indexation" title="Indexation">indexed</a> to the market price of gold.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Bond_(finance)" title="Bond (finance)">gold bonds</a> were indexed at the rate of 2,790 gold marks per kilogram of gold, the same as the pre-war <a href="/wiki/German_gold_mark" class="mw-redirect" title="German gold mark">gold marks</a>. Rentenmarks were not redeemable in gold but only indexed to the gold bonds. The plan was adopted in <a href="/wiki/Monetary_reform" title="Monetary reform">monetary reform</a> decrees on 13–15 October 1923.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> A new bank, the <a href="/wiki/Deutsche_Rentenbank" title="Deutsche Rentenbank">Rentenbank</a>, was set up by Hans Luther when he became Finance Minister.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Zwei_Rentenmark_a.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Zwei_Rentenmark_a.jpg/220px-Zwei_Rentenmark_a.jpg" decoding="async" width="220" height="121" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Zwei_Rentenmark_a.jpg/330px-Zwei_Rentenmark_a.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Zwei_Rentenmark_a.jpg/440px-Zwei_Rentenmark_a.jpg 2x" data-file-width="1024" data-file-height="562" /></a><figcaption>Two Rentenmark note, issued in line with the Decree of 15 October 1923</figcaption></figure> <p>After 12 November 1923, when <a href="/wiki/Hjalmar_Schacht" title="Hjalmar Schacht">Hjalmar Schacht</a> became currency commissioner, Germany's central bank (the <a href="/wiki/Reichsbank" title="Reichsbank">Reichsbank</a>) was not allowed to discount any further government <a href="/wiki/Treasury_bills" class="mw-redirect" title="Treasury bills">Treasury bills</a>, which meant the corresponding issue of paper marks also ceased.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The discounting of commercial trade bills was allowed and the amount of Rentenmarks expanded, but the issue was strictly controlled to conform to current commercial and government transactions. The Rentenbank refused credit to the government and to speculators who were not able to borrow Rentenmarks, because Rentenmarks were not legal tender.<sup id="cite_ref-Fergusson,_Chapter_13_23-0" class="reference"><a href="#cite_note-Fergusson,_Chapter_13-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>On 16 November 1923, the new Rentenmark was introduced to replace the worthless paper marks issued by the Reichsbank. Twelve zeros were cut from prices, and the prices quoted in the new currency remained stable.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>When the president of the Reichsbank, Rudolf Havenstein, died on 20 November 1923, Schacht was appointed to replace him. By 30 November 1923, there were 500,000,000 Rentenmarks in circulation, which increased to 1,000,000,000 by January 1, 1924, and to 1,800,000,000 Rentenmarks by July 1924. Meanwhile, the old paper Marks continued in circulation. The total paper marks increased to 1.2 <a href="/wiki/Sextillion" class="mw-redirect" title="Sextillion">sextillion</a> (1,200,000,000,000,000,000,000) in July 1924 and continued to fall in value to a third of their conversion value in Rentenmarks.<sup id="cite_ref-Fergusson,_Chapter_13_23-1" class="reference"><a href="#cite_note-Fergusson,_Chapter_13-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>On 30 August 1924, a monetary law permitted the exchange of a 1-trillion paper mark note to a new <a href="/wiki/Reichsmark" title="Reichsmark">Reichsmark</a>, worth the same as a Rentenmark.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> By 1924 one dollar was equivalent to 4.2 Rentenmark.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Revaluation">Revaluation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=6" title="Edit section: Revaluation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Img-Z121706-0001.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Img-Z121706-0001.jpg/220px-Img-Z121706-0001.jpg" decoding="async" width="220" height="218" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Img-Z121706-0001.jpg/330px-Img-Z121706-0001.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Img-Z121706-0001.jpg/440px-Img-Z121706-0001.jpg 2x" data-file-width="537" data-file-height="533" /></a><figcaption>Conversion table</figcaption></figure> <p>Eventually, some debts were reinstated to compensate creditors partially for the catastrophic reduction in the value of debts that had been quoted in paper marks before the hyperinflation. A decree of 1925 reinstated some mortgages at 25% of face value in the new currency, effectively 25,000,000,000 times their value in the old paper marks, if they had been held for at least five years. Similarly, some government bonds were reinstated at 2.5% of face value, to be paid after reparations were paid.<sup id="cite_ref-Fergusson,_Chapter_14_27-0" class="reference"><a href="#cite_note-Fergusson,_Chapter_14-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>Mortgage debt was reinstated at much higher rates than government bonds were. The reinstatement of some debts and a resumption of effective taxation in a still-devastated economy triggered a wave of corporate <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcies</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2023)">citation needed</span></a></i>]</sup> </p><p>One of the important issues of the stabilization of a hyperinflation is the <i>revaluation</i>. The term normally refers to the raising of the exchange rate of one national currency against other currencies. As well, it can mean <i>revalorization</i>, the restoration of the value of a currency depreciated by inflation. The German government had the choice of a revaluation law to finish the hyperinflation quickly or of allowing sprawling and the political and violent disturbances on the streets. The government argued in detail that the interests of creditors and debtors had to be fair and balanced. Neither the living standard price index nor the share price index was judged as relevant.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2023)">citation needed</span></a></i>]</sup> </p><p>The calculation of the conversion relation<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (November 2024)">clarification needed</span></a></i>]</sup> was considerably judged to the dollar index as well as to the <a href="/wiki/Wholesale_price_index" title="Wholesale price index">wholesale price index</a>. In principle, the German government followed the line of market-oriented reasoning that the dollar index and the wholesale price index would roughly indicate the <i>true</i> price level in general over the period of high inflation and hyperinflation. In addition, the revaluation was bound on the exchange rate mark and United States dollar to obtain the value of the <i>Goldmark</i>.<sup id="cite_ref-FOOTNOTEFischer201083_28-0" class="reference"><a href="#cite_note-FOOTNOTEFischer201083-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Finally, the Law on the Revaluation of Mortgages and other Claims of 16 July 1925 (<i><span title="German-language text"><i lang="de">Gesetz über die Aufwertung von Hypotheken und anderen Ansprüchen</i></span></i> or <i><span title="German-language text"><i lang="de">Aufwertungsgesetze</i></span></i>) included only the ratio of the paper mark to the gold mark for the period from 1 January 1918, to 30 November 1923, and the following days.<sup id="cite_ref-FOOTNOTEFischer201084_29-0" class="reference"><a href="#cite_note-FOOTNOTEFischer201084-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The galloping inflation thus caused the end of a principle, "a mark is worth a mark", which had been recognized, the nominal value principle.<sup id="cite_ref-FOOTNOTEFischer201087_30-0" class="reference"><a href="#cite_note-FOOTNOTEFischer201087-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>The law was challenged in the Supreme Court of the German Reich (<i><span title="German-language text"><i lang="de"><a href="/wiki/Reichsgericht" title="Reichsgericht">Reichsgericht</a></i></span></i>), but its 5th Senate ruled, on 4 November 1925, that the law was constitutional, even according to the Bill of Rights and Duties of Germans (Articles 109, 134, 152 and 153 of the Constitution).<sup id="cite_ref-FOOTNOTEFriedrich1928197_31-0" class="reference"><a href="#cite_note-FOOTNOTEFriedrich1928197-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEFischer201089_33-0" class="reference"><a href="#cite_note-FOOTNOTEFischer201089-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The case set a precedent for <a href="/wiki/Judicial_review" title="Judicial review">judicial review</a> in German jurisprudence.<sup id="cite_ref-FOOTNOTEFriedrich1928196–197_34-0" class="reference"><a href="#cite_note-FOOTNOTEFriedrich1928196–197-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=7" title="Edit section: Causes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historians and economists differ over the causes of the German hyperinflation, particularly on the subject of whether it was caused by reparations payments. </p><p>The Treaty of Versailles had imposed an undefined debt on Germany, which the London Schedule of Payments agreed in May 1921 had determined to be essentially 50 billion marks in A and B bonds payable partly in-kind with goods like coal and timber, and partly in gold and hard-cash. From June 1921, when a single payment of 1 billion gold marks was paid (roughly 1.4% of Germany's nominal 1925 GNP)<sup class="plainlinks nourlexpansion citation" id="ref_German_nominal_GNP_in_1925_was_approximately_71.1_bn_Reichsmarks,_see_LSE_Working_Papers_No._163/12,_Table_2.1"><a class="external autonumber" href="https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic#endnote_German_nominal_GNP_in_1925_was_approximately_71.1_bn_Reichsmarks,_see_LSE_Working_Papers_No._163/12,_Table_2.1">[1]</a></sup>, until the agreement of the Dawes plan in late 1924, only relatively small cash payments were made by Germany, though partial in-kind payments continued. For example, of the 300 million gold marks due under a variable annuity in November 1921, only 13 million was paid, and of the roughly 3 billion gold marks total due under payments in 1922, only 435 million were paid in cash.<sup id="cite_ref-Marks_1978_5-4" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 238">: 238 </span></sup> </p><p>Germany's leadership claimed that, with its gold depleted, inflation resulted during 1921–23 due to attempts to buy foreign currency with German currency in an effort to make cash payments as reparations. This would be equivalent to selling German currency in exchange for payment in foreign currency, but the resulting increase in the supply of German marks on the market caused the German mark to fall rapidly in value.<sup id="cite_ref-Fergusson_p._40_11-1" class="reference"><a href="#cite_note-Fergusson_p._40-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Marks_1978_5-5" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 238">: 238 </span></sup> </p><p>British and French experts claimed that the German leadership were purposefully stoking inflation as a way of avoiding paying reparations, as well as a way of avoiding budgetary reforms – a view later supported by analysis of Reich Chancellery record showing that tax reform and currency stabilisation was delayed in 1922–23 in the hope of reductions in reparations. Particularly, Allied analysis of German statistics showed that printing of paper currency was being used to maintain tax rates much lower than in Allied countries, to fund relatively high levels of state expenditure, and that this effect was being worsened by unrestricted <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a> from Germany. Reparations payments continued more or less in full from 1924 to 1931 without a return of hyperinflation and, after 1930, Germany protested that reparations payments were <a href="/wiki/Deflation" title="Deflation">deflationary</a>.<sup id="cite_ref-Marks_1978_5-6" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 239">: 239 </span></sup> Inflation also enabled the German government to pay off its substantial domestic debts, particularly war debts, in devalued marks.<sup id="cite_ref-Marks_1978_5-7" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 245">: 245 </span></sup> </p><p>One point on which historians tend to agree is that the printing of cash by the German government to make payments to striking workers in the Ruhr, who were refusing to make reparations deliveries to the Allies, contributed to hyperinflation.<sup id="cite_ref-Marks_1978_5-8" class="reference"><a href="#cite_note-Marks_1978-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 245">: 245 </span></sup><sup id="cite_ref-Fergusson_p._40_11-2" class="reference"><a href="#cite_note-Fergusson_p._40-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The occupation of the Ruhr also caused German output to fall.<sup id="cite_ref-Working_Papers_No._163/12_6-1" class="reference"><a href="#cite_note-Working_Papers_No._163/12-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Regardless of the reason for the declining value of the German currency, the decline caused prices of goods to rise rapidly, increasing the cost of operating the German government, which could not be financed by raising taxes because those taxes would be payable in the ever-falling German currency. The resulting deficit was financed by some combination of issuing bonds and simply creating more money: both increasing the supply of German mark-denominated financial assets on the market and so further reducing the currency's price. When the German people realized that their money was rapidly losing value, they tried to spend it quickly. That increased <a href="/wiki/Monetary_velocity" class="mw-redirect" title="Monetary velocity">monetary velocity</a> and caused an ever-faster increase in prices, creating a <a href="/wiki/Vicious_cycle" class="mw-redirect" title="Vicious cycle">vicious cycle</a>.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>The government and the banks had two unacceptable alternatives. If they stopped inflation, there would be immediate bankruptcies, unemployment, strikes, hunger, violence, collapse of civil order, insurrection and possibly even revolution.<sup id="cite_ref-Fergusson_p._254_36-0" class="reference"><a href="#cite_note-Fergusson_p._254-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> If they continued the inflation, they would default on their foreign debt. However, attempting to avoid both unemployment and insolvency ultimately failed when Germany had both.<sup id="cite_ref-Fergusson_p._254_36-1" class="reference"><a href="#cite_note-Fergusson_p._254-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aftermath_and_legacy">Aftermath and legacy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=8" title="Edit section: Aftermath and legacy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bundesarchiv_Bild_102-00104,_Inflation,_Tapezieren_mit_Geldscheinen.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg/170px-Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg" decoding="async" width="170" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg/255px-Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg/340px-Bundesarchiv_Bild_102-00104%2C_Inflation%2C_Tapezieren_mit_Geldscheinen.jpg 2x" data-file-width="540" data-file-height="783" /></a><figcaption>Germany, 1923: banknotes had lost so much value that they were used as wallpaper.</figcaption></figure> <p>The hyperinflation episode in the Weimar Republic in the early 1920s was not the first or even the most severe instance of inflation in history.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> However, it has been the subject of the most scholarly <a href="/wiki/Economic" class="mw-redirect" title="Economic">economic</a> analysis and debate. The hyperinflation drew significant interest, as many of the dramatic and unusual economic behaviors now associated with hyperinflation were first documented systematically: <a href="/wiki/Exponential_growth" title="Exponential growth">exponential</a> increases in prices and interest rates, <a href="/wiki/Redenomination" title="Redenomination">redenomination of the currency</a>, consumer flight from cash to hard assets and the rapid expansion of industries that produced those assets. </p><p>Since the hyperinflation, German monetary policy has retained a central concern with the maintenance of a sound currency, a concern that had an effect on the <a href="/wiki/European_sovereign_debt_crisis" class="mw-redirect" title="European sovereign debt crisis">European sovereign debt crisis</a>.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> According to one study, many Germans conflate hyperinflation in the Weimar Republic with the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, seeing the two separate events as one big economic crisis that encompassed both rapidly rising prices and mass unemployment.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>The hyperinflated, worthless marks became widely collected abroad. The <i><a href="/wiki/Los_Angeles_Times" title="Los Angeles Times">Los Angeles Times</a></i> estimated in 1924 that more of the decommissioned notes were spread about the US than existed in Germany.<sup id="cite_ref-awmol_41-0" class="reference"><a href="#cite_note-awmol-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Firms responded to the crisis by focusing on those elements of their information systems they identified as essential to continuing operations. In the beginning the focus was on adjusting sales and procurement arrangements, modifications to financial reporting, and the use of more nonmonetary information in internal reporting. With the continuous acceleration of inflation, human resources were redeployed to the most critical corporate functions, in particular those involved in the remuneration of labor. There is evidence that some parts of corporate accounting systems fell into disrepair, but there was also innovation.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=9" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output 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title="Portal:1920s">1920s portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <ul><li><a href="/wiki/Andreas_Hermes" title="Andreas Hermes">Andreas Hermes</a></li> <li><a href="/wiki/Zero_stroke" title="Zero stroke">Zero stroke</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Citations">Citations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_the_Weimar_Republic&action=edit&section=10" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-FOOTNOTEEvans2003103-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEEvans2003103_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEEvans2003103_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFEvans2003">Evans 2003</a>, p. 103.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFOfficer" class="citation web cs1">Officer, Lawrence. <a rel="nofollow" class="external text" href="http://www.measuringworth.com/exchangeglobal/">"Exchange Rates Between the United States Dollar and Forty-one Currencies"</a>. <i>MeasuringWorth</i><span class="reference-accessdate">. Retrieved <span class="nowrap">28 January</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=MeasuringWorth&rft.atitle=Exchange+Rates+Between+the+United+States+Dollar+and+Forty-one+Currencies&rft.aulast=Officer&rft.aufirst=Lawrence&rft_id=http%3A%2F%2Fwww.measuringworth.com%2Fexchangeglobal%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">T. 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Berlin: Springer International. p. 99, footnote 31. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3030826420" title="Special:BookSources/978-3030826420"><bdi>978-3030826420</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Applying+Risk-Sharing+Finance+for+Economic+Development.+Lessons+from+Germany&rft.place=Berlin&rft.pages=99%2C+footnote+31&rft.pub=Springer+International&rft.date=2021&rft.isbn=978-3030826420&rft.aulast=Swastika&rft.aufirst=Putri&rft.au=Mirakhor%2C+Abbas&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DodFCEAAAQBAJ%26pg%3DPA99&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></span> </li> <li id="cite_note-Fergusson,_Chapter_14-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Fergusson,_Chapter_14_27-0">^</a></b></span> <span class="reference-text">Fergusson, Chapter 14</span> </li> <li id="cite_note-FOOTNOTEFischer201083-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFischer201083_28-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFischer2010">Fischer 2010</a>, p. 83.</span> </li> <li id="cite_note-FOOTNOTEFischer201084-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFischer201084_29-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFischer2010">Fischer 2010</a>, p. 84.</span> </li> <li id="cite_note-FOOTNOTEFischer201087-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFischer201087_30-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFischer2010">Fischer 2010</a>, p. 87.</span> </li> <li id="cite_note-FOOTNOTEFriedrich1928197-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFriedrich1928197_31-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFriedrich1928">Friedrich 1928</a>, p. 197.</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><i><span title="German-language text"><i lang="de">RGZ</i></span> III, 325</i></span> </li> <li id="cite_note-FOOTNOTEFischer201089-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFischer201089_33-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFischer2010">Fischer 2010</a>, p. 89.</span> </li> <li id="cite_note-FOOTNOTEFriedrich1928196–197-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFriedrich1928196–197_34-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFriedrich1928">Friedrich 1928</a>, pp. 196–197.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Parsson; <i>Dying of Money</i>; pp. 116–117</span> </li> <li id="cite_note-Fergusson_p._254-36"><span class="mw-cite-backlink">^ <a href="#cite_ref-Fergusson_p._254_36-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Fergusson_p._254_36-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Fergusson; <i>When Money Dies</i>; p. 254</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.cato.org/publications/working-paper/world-hyperinflations">"World Hyperinflations | Steve H. 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Penguin Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-59420-182-0" title="Special:BookSources/978-1-59420-182-0"><bdi>978-1-59420-182-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Lords+of+Finance%3A+The+Bankers+Who+Broke+the+World&rft.pub=Penguin+Books&rft.date=2009&rft.isbn=978-1-59420-182-0&rft.aulast=Ahamed&rft.aufirst=Liaquat&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Flordsoffinanceba00aham&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllen2009" class="citation book cs1">Allen, Larry (2009). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediamone00alle"><i>The Encyclopedia of Money</i></a></span> (2nd ed.). <a href="/wiki/Santa_Barbara,_California" title="Santa Barbara, California">Santa Barbara, CA</a>: <a href="/wiki/ABC-CLIO" class="mw-redirect" title="ABC-CLIO">ABC-CLIO</a>. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediamone00alle/page/n237">219</a>–220. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1598842517" title="Special:BookSources/978-1598842517"><bdi>978-1598842517</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Encyclopedia+of+Money&rft.place=Santa+Barbara%2C+CA&rft.pages=219-220&rft.edition=2nd&rft.pub=ABC-CLIO&rft.date=2009&rft.isbn=978-1598842517&rft.aulast=Allen&rft.aufirst=Larry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediamone00alle&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalderston2002" class="citation book cs1">Balderston, Theo, prepared for the Economic History Society (2002). <i>Economics and politics in the Weimar Republic</i> (1. publ. ed.). Cambridge [u.a.]: Cambridge Univ. Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-521-77760-7" title="Special:BookSources/0-521-77760-7"><bdi>0-521-77760-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics+and+politics+in+the+Weimar+Republic&rft.place=Cambridge+%5Bu.a.%5D&rft.edition=1.+publ.&rft.pub=Cambridge+Univ.+Press&rft.date=2002&rft.isbn=0-521-77760-7&rft.aulast=Balderston&rft.aufirst=Theo%2C+prepared+for+the+Economic+History+Society&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></li> <li>Costantino Bresciani-Turroni, <i>The Economics of Inflation</i> (English transl.), Northampton, England: Augustus Kelly Publishers, 1937, on the German 1919–1923 inflation. <a rel="nofollow" class="external autonumber" href="https://mises.org/books/economicsofinflation.pdf">[2]</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEvans2003" class="citation book cs1"><a href="/wiki/Richard_J._Evans" title="Richard J. Evans">Evans, Richard J.</a> (2003). <i><a href="/wiki/The_Third_Reich_Trilogy#The_Coming_of_the_Third_Reich" title="The Third Reich Trilogy">The Coming of the Third Reich</a></i>. <a href="/wiki/New_York_City" title="New York City">New York City</a>: <a href="/wiki/Penguin_Group" title="Penguin Group">Penguin Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0141009759" title="Special:BookSources/978-0141009759"><bdi>978-0141009759</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Coming+of+the+Third+Reich&rft.place=New+York+City&rft.pub=Penguin+Press&rft.date=2003&rft.isbn=978-0141009759&rft.aulast=Evans&rft.aufirst=Richard+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeldman1996" class="citation book cs1">Feldman, Gerald D. (1996). <i>The great disorder politics, economics, and society in the German inflation, 1914–1924</i> ([Nachdruck] ed.). New York: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-510114-6" title="Special:BookSources/0-19-510114-6"><bdi>0-19-510114-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+great+disorder+politics%2C+economics%2C+and+society+in+the+German+inflation%2C+1914%E2%80%931924&rft.place=New+York&rft.edition=%5BNachdruck%5D&rft.pub=Oxford+University+Press&rft.date=1996&rft.isbn=0-19-510114-6&rft.aulast=Feldman&rft.aufirst=Gerald+D.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFergusson2010" class="citation book cs1">Fergusson, Adam (2010). <i>When money dies: the nightmare of deficit spending, devaluation, and hyperinflation in Weimar Germany</i> (1st [U.S.] ed.). New York: PublicAffairs. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-58648-994-6" title="Special:BookSources/978-1-58648-994-6"><bdi>978-1-58648-994-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=When+money+dies%3A+the+nightmare+of+deficit+spending%2C+devaluation%2C+and+hyperinflation+in+Weimar+Germany&rft.place=New+York&rft.edition=1st+%5BU.S.%5D&rft.pub=PublicAffairs&rft.date=2010&rft.isbn=978-1-58648-994-6&rft.aulast=Fergusson&rft.aufirst=Adam&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFischer2010" class="citation book cs1">Fischer, Wolfgang Chr., ed. (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Me09Xuogp-sC&pg=PA89"><i>German Hyperinflation 1922/23: A Law and Economics Approach</i></a>. Eul-Verlag Köln. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-89936-931-1" title="Special:BookSources/978-3-89936-931-1"><bdi>978-3-89936-931-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=German+Hyperinflation+1922%2F23%3A+A+Law+and+Economics+Approach&rft.pub=Eul-Verlag+K%C3%B6ln&rft.date=2010&rft.isbn=978-3-89936-931-1&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DMe09Xuogp-sC%26pg%3DPA89&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedrich1928" class="citation journal cs1">Friedrich, Carl Joachim (June 1928). "The Issue of Judicial Review in Germany". <i><a href="/wiki/Political_Science_Quarterly" title="Political Science Quarterly">Political Science Quarterly</a></i>. <b>43</b> (2): 188–200. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2143300">10.2307/2143300</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2143300">2143300</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Political+Science+Quarterly&rft.atitle=The+Issue+of+Judicial+Review+in+Germany&rft.volume=43&rft.issue=2&rft.pages=188-200&rft.date=1928-06&rft_id=info%3Adoi%2F10.2307%2F2143300&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2143300%23id-name%3DJSTOR&rft.aulast=Friedrich&rft.aufirst=Carl+Joachim&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li>Guttmann, William. <i>The Great Inflation</i>. Saxon House (1975 hardback w/ sources; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0347000178" title="Special:BookSources/978-0347000178">978-0347000178</a>) or Gordon & Cremonesi Ltd. Publ., London (1976 paperback w/o sources; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-86033-035-4" title="Special:BookSources/0-86033-035-4">0-86033-035-4</a>). Germany currency hyperinflation 1919–1923.</li> <li><a rel="nofollow" class="external text" href="http://www.aape.org/exhibit_view_frame.asp?intExhibitNumber=13&intCurrentFrameNumber=1">When Money Buys Little – Jerry Jensen</a> Study of the 1923 German postage stamps</li> <li>Karsten Laursen and Jorgen Pedersen, <i>The German Inflation</i>, North-Holland Publishing Co., Amsterdam, 1964.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarks1978" class="citation journal cs1">Marks, Sally (September 1978). "The Myths of Reparations". <i>Central European History</i>. <b>11</b> (3). <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>: 231–255. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2Fs0008938900018707">10.1017/s0008938900018707</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/4545835">4545835</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:144072556">144072556</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Central+European+History&rft.atitle=The+Myths+of+Reparations&rft.volume=11&rft.issue=3&rft.pages=231-255&rft.date=1978-09&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A144072556%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F4545835%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1017%2Fs0008938900018707&rft.aulast=Marks&rft.aufirst=Sally&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarks2003" class="citation book cs1">Marks, Sally (2003). <i>The Illusion of Peace</i>. New York: <a href="/wiki/Palgrave_Macmillan" title="Palgrave Macmillan">Palgrave Macmillan</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Illusion+of+Peace&rft.place=New+York&rft.pub=Palgrave+Macmillan&rft.date=2003&rft.aulast=Marks&rft.aufirst=Sally&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFParsson1974" class="citation book cs1">Parsson, Jens O. (1974). <i>Dying of Money : Lessons of the Great German and American Inflations</i>. Boston: Wellspring Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Dying+of+Money+%3A+Lessons+of+the+Great+German+and+American+Inflations&rft.place=Boston&rft.pub=Wellspring+Press&rft.date=1974&rft.aulast=Parsson&rft.aufirst=Jens+O.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShapiro1980" class="citation book cs1">Shapiro, Max (1980). <i>The penniless billionaires</i>. New York: Times Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8129-0923-2" title="Special:BookSources/0-8129-0923-2"><bdi>0-8129-0923-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+penniless+billionaires&rft.place=New+York&rft.pub=Times+Books&rft.date=1980&rft.isbn=0-8129-0923-2&rft.aulast=Shapiro&rft.aufirst=Max&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTampke2017" class="citation book cs1">Tampke, Jürgen (2017). <i>A Perfidious Distortion of History: the Versailles peace treaty and the success of the Nazis</i>. Melbourne: Scribe. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-192532-1-944" title="Special:BookSources/978-192532-1-944"><bdi>978-192532-1-944</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Perfidious+Distortion+of+History%3A+the+Versailles+peace+treaty+and+the+success+of+the+Nazis&rft.place=Melbourne&rft.pub=Scribe&rft.date=2017&rft.isbn=978-192532-1-944&rft.aulast=Tampke&rft.aufirst=J%C3%BCrgen&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWiddig2001" class="citation book cs1">Widdig, Bernd (2001). <i>Culture and inflation in Weimar Germany</i> ([Online-Ausg.] ed.). Berkeley: <a href="/wiki/University_of_California_Press" title="University of California Press">University of California Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-520-22290-3" title="Special:BookSources/0-520-22290-3"><bdi>0-520-22290-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Culture+and+inflation+in+Weimar+Germany&rft.place=Berkeley&rft.edition=%5BOnline-Ausg.%5D&rft.pub=University+of+California+Press&rft.date=2001&rft.isbn=0-520-22290-3&rft.aulast=Widdig&rft.aufirst=Bernd&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+the+Weimar+Republic" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a 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href="/wiki/Paris_Peace_Conference_(1919%E2%80%931920)" title="Paris Peace Conference (1919–1920)">Paris Peace Conference (1919–1920)</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/League_of_Nations" title="League of Nations">League of Nations</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Covenant_of_the_League_of_Nations" title="Covenant of the League of Nations">Covenant of the League of Nations</a></li> <li><a href="/wiki/Member_states_of_the_League_of_Nations" title="Member states of the League of Nations">Members</a></li> <li><a href="/wiki/Organisation_of_the_League_of_Nations" title="Organisation of the League of Nations">Organisation</a></li> <li><a href="/wiki/Minority_Treaties" title="Minority Treaties">Minority Treaties</a> <ul><li><a href="/wiki/Little_Treaty_of_Versailles" title="Little Treaty of Versailles">Little Treaty of Versailles</a></li></ul></li> <li><a href="/wiki/League_of_Nations_mandate" title="League of Nations mandate">Mandates</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Treaty_of_Versailles" title="Treaty of Versailles">Treaty of Versailles</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Article_231_of_the_Treaty_of_Versailles" title="Article 231 of the Treaty of Versailles">"War guilt" clause</a></li> <li><a href="/wiki/World_War_I_reparations" title="World War I reparations">Reparations</a></li> <li><a href="/wiki/Reparation_Commission" title="Reparation Commission">Reparation Commission</a> <ul><li><a href="/wiki/Dawes_Plan" title="Dawes Plan">Dawes Plan</a></li> <li><a href="/wiki/Hague_conference_on_reparations" title="Hague conference on reparations">Hague conference on reparations</a></li> <li><a href="/wiki/Young_Plan" title="Young Plan">Young Plan</a></li> <li><a href="/wiki/Lausanne_Conference_of_1932" title="Lausanne Conference of 1932">Lausanne Conference</a></li></ul></li> <li><a href="/wiki/Locarno_Treaties" title="Locarno Treaties">Locarno</a></li> <li><a href="/wiki/Stresa_Front" title="Stresa Front">Stresa Front</a></li> <li><a href="/wiki/Causes_of_World_War_II" title="Causes of World War II">Possible cause of the Second World War</a></li> <li><a href="/wiki/International_Opium_Convention" title="International Opium Convention">International Opium Convention</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subsequent treaties</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Treaty_of_Saint-Germain-en-Laye_(1919)" title="Treaty of Saint-Germain-en-Laye (1919)">Treaty of Saint-Germain-en-Laye</a></li> <li><a href="/wiki/Treaty_of_Neuilly-sur-Seine" title="Treaty of Neuilly-sur-Seine">Treaty of Neuilly-sur-Seine</a></li> <li><a href="/wiki/Treaty_of_Trianon" title="Treaty of Trianon">Treaty of Trianon</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Treaty_of_S%C3%A8vres" title="Treaty of Sèvres">Treaty of Sèvres</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Partition_of_the_Ottoman_Empire" title="Partition of the Ottoman Empire">Partition of the Ottoman Empire</a> <ul><li><a href="/wiki/Conference_of_London_(1920)" title="Conference of London (1920)">Conference of London (1920)</a></li> <li><a href="/wiki/San_Remo_conference" title="San Remo conference">San Remo conference</a></li></ul></li> <li><a href="/wiki/Turkish_National_Movement" title="Turkish National Movement">Turkish National Movement</a></li> <li><a href="/wiki/Turkish_War_of_Independence" title="Turkish War of Independence">Turkish War of Independence</a></li> <li><a href="/wiki/Treaty_of_Lausanne" title="Treaty of Lausanne">Treaty of Lausanne</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Big_Four_(World_War_I)" title="Big Four (World War I)">Big Four</a></li> <li><a href="/wiki/American_Commission_to_Negotiate_Peace" title="American Commission to Negotiate Peace">American Commission to Negotiate Peace</a></li> <li><a href="/wiki/Commission_of_Responsibilities" title="Commission of Responsibilities">Commission of Responsibilities</a></li> <li><a href="/wiki/The_Inquiry" title="The Inquiry">The Inquiry</a></li> <li><a href="/wiki/List_of_participants_in_the_Paris_Peace_Conference_(1919%E2%80%931920)" title="List of participants in the Paris Peace Conference (1919–1920)">List of participants</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Paintings</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/A_Peace_Conference_at_the_Quai_d%27Orsay" title="A Peace Conference at the Quai d'Orsay">A Peace Conference at the Quai d'Orsay</a></i></li> <li><i><a href="/wiki/The_Signing_of_Peace_in_the_Hall_of_Mirrors" title="The Signing of Peace in the Hall of Mirrors">The Signing of Peace in the Hall of Mirrors</a></i></li> <li><i><a href="/wiki/To_the_Unknown_British_Soldier_in_France" title="To the Unknown British Soldier in France">To the Unknown British Soldier in France</a></i></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> 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href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic 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market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic 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href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img 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description\"] = 1,\n [\"Use dmy dates\"] = 1,\n}\narticle_whitelist = table#1 {\n}\nciteref_patterns = table#1 {\n}\n"},"cachereport":{"origin":"mw-web.codfw.canary-6db5849f4d-t4s8g","timestamp":"20241207150610","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Hyperinflation in the Weimar Republic","url":"https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_the_Weimar_Republic","sameAs":"http:\/\/www.wikidata.org\/entity\/Q695052","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q695052","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, 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