Independent Banker - July 2018 - 13
History Lesson
When belief in money failed
Almost a century ago, German currency lost its meaning.
During Germany's 1921-1924 hyperinflation crisis,
the government was so busy printing money that the
presses had to run all night. Prices increased so rapidly
that the cost of a cup of coff ee could double in the time
it took someone to drink it. A wheelbarrow full of money
was not enough to buy a newspaper. German citizens
papered their walls with the nearly worthless notes.
During the dark days of the Weimar Republic, citizens
lost faith in their own currency. They began to invest
in goods instead. At first, it was diamonds or gold.
Eventually, they were stealing brass fixtures.
Physicians even diagnosed a mental disorder called
" zero stroke, " brought on by the constant calculations
Piles of new banknotes awaiting
distribution at Germany's Reichsbank
during hyperinflation
required of cashiers, bookkeepers and bankers. Patients
with the disorder were unable to stop themselves from
writing endless rows of zeros.
By November 1923, when one U.S. dollar
equaled one trillion German marks, new leadership
took control at the Reichsbank, eliminating
nine zeros from the currency and issuing the
mortgage-backed Rentenmark.
But the German people remained shaken and
changed. Author Thomas Mann, noting in 1942 that the
populace lost its " capacity for surprise, " said, " A straight
line runs from the madness of the German Inflation to
the madness of the Third Reich. "
-Julie Kendrick
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Independent Banker - July 2018
Table of Contents for the Digital Edition of Independent Banker - July 2018
Table of Contents
Independent Banker - July 2018 - Intro
Independent Banker - July 2018 - Cover1
Independent Banker - July 2018 - Cover2
Independent Banker - July 2018 - Table of Contents
Independent Banker - July 2018 - 2
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Independent Banker - July 2018 - Cover3
Independent Banker - July 2018 - Cover4
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