Impact of economic problems Flashcards
What happened to German currency by 1923
It became worthless
Who did the Germans blame for the German mark becoming worthless and why
The Germans blamed their government because it was their decision to call a strike in the Ruhr and then to print so much money
How did the German mark becoming worthless affect people with bank savings
People with bank savings lost all of their life savings. Some people had spent their whole lives saving to get 1000 marks in the bank but by 1923 this wouldn’t even buy them a load of bread
How did the German mark becoming worthless affect the elderly Germans
Elderly people who lived off of fixed pensions found their income would no longer buy them what they needed
How did the German mark becoming worthless affect small businesses
Many small businesses collapsed as normal trade became impossible because of the daily price changes
How did people who borrowed money benefit from the German mark becoming worthless
People who borrowed money found it very easy to pay off their debts. If a person had borrowed 10000 marks in 1920 they could pay it off with one banknote
