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Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923, primarily in 1923. The German currency had seen significant inflation during the First World War due to the way in which the German government funded its war effort through borrowing, with debts of 156 billion marks by 1918.
Hyperinflation was disastrous for Greece’s workers and peasants: real wages fell by over fifty percent between the invasion by Mussolini’s Italy and the peak of inflation. [18] The depletion of gold as stocks of goods fell with the departure of the Nazis further exacerbated shortages and forced businesses back to barter. [25]
The hyperinflation under the Chinese Nationalists from 1939 to 1945 is a classic example of a government printing money to pay civil war costs. By the end, currency was flown in over the Himalayas, and then old currency was flown out to be destroyed. Hyperinflation is a complex phenomenon and one explanation may not be applicable to all cases.
The most infamous might be that of Weimar Germany, whose hyperinflationary episode is often blamed for the rise of the National Socialists. The This Is What Hyperinflation Really Looks Like
The Rentenmark (German: [ˈʁɛntn̩ˌmaʁk] ⓘ; RM) was a currency issued on 15 November 1923 to stop the hyperinflation of 1922 and 1923 in Weimar Germany, after the previously used Papiermark had become almost worthless. [1] It was subdivided into 100 Rentenpfennig and was replaced in 1924 by the Reichsmark.
Hyperinflation in the Weimar Republic reached its peak in November 1923. [24] Since Germany was unable to pay the idled workers in the occupied Ruhr any other way, more and more money was printed, which finally led to hyperinflation. The Stresemann government introduced a new currency, the Rentenmark, to end hyperinflation. Although Stresemann ...
The Weimar Republic, [d] officially known as the German Reich, [e] was a historical period of Germany from 9 November 1918 to 23 March 1933, during which it was a constitutional republic for the first time in history; hence it is also referred to, and unofficially proclaimed itself, as the German Republic.
A specimen of a 1922 One Chervonets banknote. Hyperinflation in early Soviet Russia was ultimately halted by the adoption of such gold-backed currency.. Hyperinflation in early Soviet Russia connotes a seven-year period of uncontrollable spiraling inflation in the early Soviet Union, running from the earliest days of the Bolshevik Revolution in November 1917 to the reestablishment of the gold ...