hyperinflation

• Hyperinflation in 1923 struck germany and the value of their currency severely decreased, but didn't cause mass unemployment
• in 1923, the Ruhr was occupied by French and Belgian troops
• 130 germans executed after protests the government urged a campaign of passive resistance
• 1923, german government defaulted its reparations again
• the german government had now failed to pay reparations multiple times
• Gustav Streseman decided to end the crisis by creating a new currency called the Rententag
• By summer 1923, the government had 300 paper mills and 2000 printing presses printing new money
• January - 1 pound was worth 71,888 marks
• November - 1 pound was worth 1680 trillion marks
• 1919, a loaf of bread had cost over 200,000 billion marks
• Society was furious as big businesses still made money whilst ordinary germans struggled heavily, and their savings were made worthless
• Whilst Streseman was seen as a hero for saving the crisis, faith in the system had been badly shaken