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At the bottom inside the November 1923, one gold mark is really worth an excellent trillion reichsmarks. The initial phase, and therefore follows monetary depletion try confirmed inside the a period of rising prices since the credit is extended to help with the fresh post-war recuperation from the financing consumption. That is followed closely by a time period of obvious money stability while the borrowing from the bank expansion is rerouted so you can possessions, to the stock market soaring and you can possessions philosophy ascending to give a fantasy out of success. Last but not least, the newest money comes into their 3rd chronilogical age of last collapse while the credit bubble deflates. High bond production log off politicians no solution but to support everything, from a deep failing companies, so you can banks, also to continue its governing bodies inside financing. Which help comes from increasingly small-term financial obligation, provided during the pent-up interest rates to invest in money expansion to pay because of it all.
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