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Nazi Germany > Hyperinflation 💸💸💸 > Flashcards

Hyperinflation 💸💸💸 Flashcards

1
Q

When was hyperinflation?

A

November 1923

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2
Q

Name an example of prices rising?

A

Pair of shoes -
1913 = 12 marks
Summer 1923 = 1,000,000 marks
November 1923 = 32,000,000,000,000 marks

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3
Q

What is inflation?

A

When the prices rise, and the value of money decreases

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4
Q

What did people blame for causing hyperinflation?

A

Treaty of Versailles

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5
Q

The 3 periods of inflation?

A

War inflation (1914-18), Demobilisation inflation (1919-21), Hyperinflation (1922-23)

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6
Q

What happened during war inflation?

A

Prices doubled, value of the mark halved, shortage of goods

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7
Q

What happened during demobilisation inflation?

A

Government had to pay compensation to war victims, started printing money

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8
Q

Who was Chancellor at the start of hyperinflation?

A

Chancellor Cuno

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9
Q

What policy did Germany do in reaction to TofV?

A

Erfullungspolitik - policy of fulfilment. Make it look like they’re trying their hardest to pay reparations hoping it would get lowered

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10
Q

What happened in January 1923?

A

Allies occupied the Ruhr and Cuno started passive resistance

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11
Q

Results of passive resistance?

A

Workers on strike, not producing any ore, government still have to pay wages, more printing

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12
Q

Who replaced Cuno as Chancellor?

A

Gustav Stresemann for 100 days

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13
Q

How many civil servants were fired?

A

700,000

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14
Q

Name of the new currency?

A

Rentenmark

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15
Q

What was the new currency described as?

A

“Miracle of the rentenmark”

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16
Q

What was the new currency backed by?

A

Land and not gold, monitored by the Allies

17
Q

Which class was affected by hyperinflation the most?

A

Middle class

18
Q

Who did Stresemann put in charge of setting up new currency?

A

Schacht

19
Q

People who benefitted from hyperinflation?

A

Famers who grew their own product, people in debt, people with foreign currency, workers with fixed rent

20
Q

People who suffered because of hyperinflation?

A

Landlords, pension holders, welfare people, savings, fixed rates War Bond buyers

21
Q

Political problems because of hyperinflation?

A

Lost middle class support, blamed on Jewish

Nazi Germany (11 decks)

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