NOTHING NEW UNDER THE SUN (ALMOST)
21st June, 1923 : President of the German Central Bank, the Reichsbank, Dr Rudolf Haverstein, today described Germany’s financial situation as “most desperate”. Since June 1 the mark has lost nearly half its remaining value and today it was trading at 622,000 to the pound. On New Year’s Day the rate was still under 85,000. The collapse of German currency began with the failure of the Allies at the London Conference last August to agree on a moratorium on German war reparations. The position has became catastrophic since the French and Belgian Armies occupied the Ruhr earlier this year. Passive resistance by the miners means that Germany is not even producing enough coal for itself.
[A current strike by Spanish miners springs to mind. And if the Greens, led by Rhiannon, have their way, shortly Australia will not be producing enough coal.]