In the period following the end of World War I, Germany experienced a disastrous period of inflation. The German government's method of financing the war by borrowing heavily and printing large quantities of unbacked currency began the inflationary spiral. It was compounded by the loss of resources and reparations, which resulted from the Treaty of Versailles. And these difficulties were in turn compounded by political violence. The unwillingness of industrialists and labor leaders to put aside their narrow interests and work for the common good was yet another factor which aggravated the situation. Many Germans, particularly those on fixed incomes and pensions, endured great hardships and lived in sharply reduced circumstances. By November of 1923, hyper-inflation paralyzed Germany and only foreign loans and the issuing of a entirely new currency restored confidence and ended the crisis.
|Nov. 1, 1923||1,300,000,000||1|
|Nov. 15, 1923||1,300,000,000,000||1|
|Nov. 16, 1923||4,200,000,000,000||1|