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One, in June 1922, was organized by US investment banker J. P. Morgan, Jr. [12] The meetings produced no workable solution, and inflation erupted into hyperinflation, the mark falling to 7,400 marks per US dollar by December 1922. [4] The cost-of-living index was 41 in June 1922 and 685 in December, a nearly 17-fold increase. [13]
Some sources suggest that at the absolute peak of hyperinflation prices doubled every 28 hours [23] — comparable to Zimbabwe in the late 2000s. This was at the time the second-highest inflation rate for a month on record [b] and even today it is the fourth-worst on record. [c]
A logarithmic scale depicting Weimar hyperinflation to 1923. One paper Mark per Gold Mark increased to one trillion paper Marks per Gold Mark. Historians and economists differ on the subject of whether, and to what extent, reparations were a cause of hyper-inflation in the Weimar republic.
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 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.
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.
6 February: The first meeting of the National Assembly takes place in Weimar, the city associated with Goethe and Schiller that will give the new republic its informal name. Berlin is considered too politically unstable to be the meeting place. [23] 11 February: The Weimar National Assembly elects Friedrich Ebert of the SPD as president of ...
February 17 is the 48th day of the year in the Gregorian calendar; 317 days remain until the end of the year (318 in leap years). Events. Pre-1600. 1370 – ...