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Secret Reports on Nazi GermanyThe Frankfurt School Contribution to the War Effort$
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Franz Neumann, Herbert Marcuse, Otto Kirchheimer, and Raffaele Laudani

Print publication date: 2013

Print ISBN-13: 9780691134130

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691134130.001.0001

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The Problem of Inflation in Germany

The Problem of Inflation in Germany

(October 16,1944)

Chapter:
(p.345) 21 The Problem of Inflation in Germany
Source:
Secret Reports on Nazi Germany
Author(s):

Franz Neumann

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691134130.003.0022

This chapter examines the problem of inflation in Germany. In 1914 the German government based its war finance program on the assumption that World War I would be short. No additional taxation was introduced. Loans were considered sufficient to cover the total war expenses. The government obtained the necessary cash by discounting treasury notes with the Reichsbank which, in turn, sold these notes to banks and large business firms. Every six months loans were floated to redeem the treasury notes. The chapter begins with a discussion of Germany's war financing during the period 1914–1924, focusing on the post-war budget deficit and reestablishment of free prices, depreciation of the mark, and stabilization of the currency. It then considers Nazi Germany's finances during the period 1933–1943, along with the inflation problem after the defeat of Germany in World War II.

Keywords:   German inflation, Germany, World War I, treasury notes, war financing, budget deficit, free prices, depreciation, World War II

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