The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class (56 page)

 
15
   Feldman,
The Great Disorder
, p. 129.

 
16
   See Karl Hardach,
The Political Economy of Germany in the Twentieth Century
, Ewing, NJ, 1981, p. 19.

 
17
   Quoted in Feldman,
The Great Disorder
, p. 131.

 
18
   Quoted in ibid., p. 160.

 
19
   Theo Balderston,
Economics and Politics in the Weimar Republic
, p. 25f.

 
20
   Ibid., p. 163.

 
21
   Quoted in ibid., p. 176.

 
22
   See Winkler,
Weimar 1918-1933
, p. 110.

Chapter 10: Consequences

 
  
1
   See online entries in
Deutsche Biographie
at ‘Achterberg, Erich, Havenstein, Rudolf Emil Albert’, in
Neue Deutsche Biographie
, 8 (1969), S. 137 [Onlinefassung];
http://www.deutsche-biographie.de/pnd116550295.html
(for Havenstein); and Götzky, Michael, ‘Glasenapp, Otto Georg Bogislav von’, in
Neue Deutsche Biographie
, 6 (1964), S. 428 [Onlinefassung];
 
http://www.deutsche-biographie.de/pnd116653124.html
(for Glasenapp). Glasenapp’s translations were published in 1925, after his retirement from the Reichsbank.

 
  
2
   See Feldman,
The Great Disorder
, p. 203f.

 
  
3
   Dollar rates are hard to source for this period. January 1919 and May 1919 rates from Henning,
Das Industrialisierte Deutschland
, p.64; rates for July and September from the
Vossische Zeitung,
18 July 1919, p. 13, and 7 September 1919, p. 13, respectively
(exchange rates for returning prisoners of war). Scans of original editions of
Vossische Zeitung
(1918-34) available online at
http://zefys.
staatsbibliothek
-berlin.de
. Later the rates were published daily as part of the business section.

 
  
4
   For remarks on reasons for the mark’s decline see Henning,
Das Industrialisierte Deutschland
, p.64.
Mark/dollar rate at end of 1919 from
Vossische Zeitung
online, 31 December 1919, late Edition, p. 4.

 
  
5
   Kessler,
Diaries of a Cosmopolitan
, p. 117.

 
  
6
   See Winkler,
Weimar 1918
-
1933
, pp. 87ff.

 
  
7
   Ibid., p. 95. And for the attitude of the DVP and DNVP.

 
  
8
   MacMillan,
Peacemakers
, p. 485.

 
  
9
   
Die wirtschaftlichen Folgen des Friedensvertrages
,
Duncker & Humblot, Munich, 1920.

 
10
   Feldman,
The Great Disorder
, p. 206f.

 
11
   Ibid., pp. 204-7.

 
12
   Mark/dollar rates from
Vossische Zeitung
online: 25 January 1920, p. 14; 22 February 1920, p. 14; 7 March 1920, p. 14 (rates quoted as on the Cologne Currency Exchange).

 
13
   Feldman,
The Great Disorder
, p. 207.

 
14
   Winkler,
Weimar 1918
-1933
, p. 117. And see Robert Leicht, ‘Patriot in der Gefahr’, in
Die Zeit
, 18 August 2011, Nr 3, available at
http://www.zeit.de/2011/34/Erzberger/komplettansicht
.
For Hirschfeld’s sentence and parole see Burkhand Asrus
Republik Ohne Chance? Akzeptanz und Legitimation der Weimarer Republik in der deutschen Tagespresse zwischen 1918 und 1923
(Beitrage Zur Kommunikationsgeschichte, Bd. 3), p. 341.

Chapter 11: Putsch

 
  
1
   See Winkler,
Weimar 1918
-
1933
, p. 119; Hosfeld and Pölking,
Wir Deutschen: 1918 bis 1929
, p. 75f.

 
  
2
   See Hosfeld and Pölking,
Wir Deutschen: 1918 bis 1929
, p. 76f.

 
  
3
   Quoted in Hosfeld and Pölking,
Wir Deutschen: 1918 bis 1929
, p. 77f. And for Reinhardt’s response to Braun’s question.

 
  
4
   Winkler,
Weimar 1918
-
1933
, p.126. And for the fates of the rebels.

 
  
5
   Haffner,
Geschichte eines
Deutschen
, p. 45f. And for the following quotes.

 
  
6
   Price,
Dispatches from the Weimar Republic
,
p. 72.

 
  
7
   
LeMo
Kollektives
Gedächtnis,
Erinnerungen von Walter Koch (* 1870) aus Dresden, Gesandter von Sachsen in Berlin
(DHM-Bestand), online at
http://www.dhm.de/lemo/forum/kollektives_gedaechtnis/weimar.html.

 
  
8
   Winkler,
Weimar 1918
-
1933
, p. 127, for the Brandenburg Gate incident.

 
  
9
   Ibid., p. 135.

 
10
   
Vossische Zeitung
, 8 April 1920 (morning edition), p. 1: ‘Blutiger Zwischenfall in Frankfurt a.M. Marokkanische Maschinengewehre gegen Ansammlungen’.

 
11
   Report of Müller’s speech in
Vossische Zeitung
(morning edition), 13 April 1920, p. 2.

 
12
   Koch,
Der deutsche Bürgerkrieg
, p. 197.

 
13
   See Hosfeld and Pölking,
Wir Deutschen: 1918 bis 1929
, p. 79f. Also Joachim C. Fest,
Hitler
, p. 133.

 
14
   Quoted in Ian Kershaw,
Hitler 1889
-
1936: Hubris
, London, 2001, p. 154. Mayr later abandoned the far-right movement in favour of the Social Democrats. He found refuge in France after 1933, was captured there by the Gestapo in 1940 and murdered in Buchenwald shortly before the end of the Second World War.

Chapter 12: The Rally

 
  
1
   Kessler,
Diaries of a Cosmopolitan
, p. 128f.

 
  
2
   Figures available online as above from:
Vossische Zeitung
(evening edition), 8 March 1920, p. 6; and ibid. (evening edition), 11 March 1920, p. 6.

 
  
3
   
The Times
, 13 March 1920, p. 16: ‘Exchange Rallying’.

 
  
4
   
The Times
, 16 March 1920, p. 23.

 
  
5
   Mark/dollar rates in all these cases, unless otherwise stated, from the
Berliner Devisen
list in
Finanz- und Handelsblatt
der
Vossische Zeitung
(evening edition) of the days concerned.

 
  
6
   Article of 7 November 1919 printed in Price,
Dispatches from the Weimar Republic
, p. 49.

 
  
7
   ‘Germany To-Day: Food and Money Problems’ (by a Special Correspondent),
Observer
, 4 April 1920, p. 7. For this and the above remarks.

 
  
8
   See Carl-Ludwig Holtfrerich,
The German Inflation 1914-1923: Causes and Effects in International Perspective
, Berlin and New York, 1986, p. 208.

 
  
9
   See Ferguson,
The Pity of War
, p. 127.

 
10
   See Strachan,
The First World War
, p. 975.

 
11
   John Maynard Keynes,
The Economic Consequences of the Peace
, London, 1988, p. 285.

 
12
   Gomes,
German Reparations
, p. 5.

 
13
   Ibid., p. 21.

 
14
   Ibid., p. 6.

 
15
   See William C. McNeil,
American
Money and the Weimar Republic: Economics and Politics on the Eve of the Great Depression
, New York, 1986, p. 40f.

 
16
   See Feldman,
The Great Disorder
, p. 211f. As Professor Feldman points out, the title of ‘Great Depression’ was not held for long before being awarded ten years later to another, far more fearsome, slump.

 
17
   Holtfrerich,
The German Inflation 1914
-
1923
, p. 209.

Chapter 13: Goldilocks and the Mark

 
  
1
   Feldman,
The Great Disorder
, p. 218.

 
  
2
   Ibid.

 
  
3
   Ibid., p. 219.

 
  
4
   For Rathenau’s remarks, see Holtfrerich,
The German Inflation 1914
-
1923
, p. 210f.

 
  
5
   For a summary of this entire extraordinarily complex issue, see Gomes,
German Reparations
, pp. 65-71.

 
  
6
   Feldman,
The Great
Disorder
, p. 349.

 
  
7
   Gomes,
German Reparations
, pp. 65-71.

 
  
8
   Ibid., p. 69.

 
  
9
   Becker-Arnsberg, 6 May 1921, quoted in Feldman,
The Great Disorder
, p. 339.

 
10
   See Feldman,
The Great Disorder
, p. 346f.

 
11
   See Winkler,
Weimar 1918
-
1933
, p. 117f.

 
12
   See Robert Leicht, ‘Patriot in der Gefahr’, in
Die Zeit
, as above.

 
13
   Hosfeld and Pölking,
Wir Deutschen: 1918 bis 1929
, p. 89.

 
14
   See Robert Leicht, ‘Patriot in der Gefahr’, in
Die Zeit
, as above. Both men were tried for Erzberger’s murder after the Second World War and sentenced to long jail sentences, although these were later reduced to parole. Tillesen was said to have become haunted by his role in the killing with time and to have expressed genuine remorse.

 
15
   Quoted in Winkler,
Weimar 1918-1933
, p. 161.

 
16
   Article of 12 September 1921 in
Der Kunstwart
, reproduced in Troeltsch,
Die Fehlgeburt einer Republik
, p. 218.

Chapter 14: Boom

 
  
1
   For estimated US unemployment see Christina Romer, ‘Spurious Volatility in Historical Unemployment Data’, in
Journal of Political Economy
, vol. 94, no. 1 (Feb. 1986), p. 31.

 
  
2
   See Winkler,
Weimar 1918-
1933
, p. 143.

 
  
3
   ‘German Trade Boom and the Sinking mark’ (from our Berlin Correspondent), in
Manchester Guardian
, 11 October 1921, p. 7.