8/remember?

NOTHING NEW UNDER THE SUN (ALMOST)

8th August, 1924 : Following the $200 million Dawes Loan to Germany earlier this year and the restructuring of German reparation payments to the Allies, the Berlin authorities have taken further steps to boost confidence in the German financial system. The Reichsbank has been made constitutionally independent of the government, thus allaying fears that political pressure might be put on the central bank to print huge volume of paper money as was the case during the three years before the last year complete inflationary collapse. To symbolise the restoring of financial stability, the old mark has been replaced by the new Reichsmark.

 

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