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Pastimes : Ask Mohan about the Market

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To: Thomas M. who wrote (15507)	4/22/1998 12:36:00 PM
From: Tommaso	Read Replies (1) of 18056

No, that is not true. The damage done to German morale by the war and the inflation did prepare the way for Hitler's ascendancy some years later. But the inflation had been stopped seven years earlier. "The German hyperinflation came to an abrupt end in November of 1923. The man who received credit for this achievement was named Hjalmar Schacht, the new head of the German central bank. In his autobiography he mentions a little poem that indicated his popularity among common folk: "Wer hat die Mark stabil gemacht, Das war allein der Doktor Schacht." This can be loosely translated as: Who could make the mark stable? Only Hjalmar Schacht was able. He was less popular with those who borrowed heavily on the assumption that prices would continue to rise. Stabilization led to large losses for them, and in some cases unmade huge fortunes that inflation had built.

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