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Germany Was Biggest Debt Transgressor In 20Th Century

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Article Der Spiegel

That may be, but during the 20th century, Germany was responsible for what were the biggest national bankruptcies in recent history. It is only thanks to the United States, which sacrificed vast amounts of money after both World War I and World War II, that Germany is financially stable today and holds the status of Europe's headmaster. That fact, unfortunately, often seems to be forgotten.

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Brilliant link - thanks for posting.This bit is interesting.

Ritschl: Measured in each case against the economic performance of the USA, the German debt default in the 1930s alone was as significant as the costs of the 2008 financial crisis. Compared to that default, today's Greek payment problems are actually insignificant.

RED KARMA, WHERE ARE YOOOOOOOOOOOOOO?

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It was however the consequence of the bloodiest and most destructive war in human history, whereas the current crisis has been caused by simple financial [and political] corruption.

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It was a little different. It was more to do with sticking two fingers up at the French and the war reparations that were forced on them than it was about national profligacy.

http://www.cepr.org/meets/wkcn/1/1649/papers/Ritschl.pdf

Yep the war reparations where to destroy German and ensure it was never a military power again. It was a great plan and was 100% successful in the short term.

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It was however the consequence of the bloodiest and most destructive war in human history, whereas the current crisis has been caused by simple financial [and political] corruption.

If we were in a world without nukes the banksters would have already lined up their pawns in a field and we'd be neck deep in dead young men.

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In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today.

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It was a little different. It was more to do with sticking two fingers up at the French and the war reparations that were forced on them than it was about national profligacy.

+ 1

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It was a little different. It was more to do with sticking two fingers up at the French and the war reparations that were forced on them than it was about national profligacy.

Not at all.

It was due to the actions of a small industrial oligarchy that was in favour of inflation. It was the same industrialists that pushed for WW1 to establish industrial domination in Europe.

The Weimar inflation resulted in the greatest wealth transfer in German history. The entire middle and working classes reached bare survival levels of poverty.

<Edit to add: the inflation was a pure product of printing, nothing else and all by design.>

Edited by _w_

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In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today.

Warning, the source is not reliable at all. Pastor Sheldon Emry, was a leader of the racist and anti-Semitic ‘Identity" church movement.

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That is very interesting. Thankyou. I shall look into that. This isn't the currency backed by land and used to cure the hyperinfaltion though was it?

I believe it was done by Labour Treasury Certificates. The government issued them to pay workers and companies who were working on infrastructure projects. They were debt free and not gold backed money, but to get 1 I believe you had to put in one hour of work on these projects.

The Nazi government had been denied further credit by the bankers, so resorted to this money as a way to keep projects going. This made the bankers very angry having a rival form of money, that they weren't collecting interest on.

But for Germany with these Certificates they easily got to full employment and avoided inflation.

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In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today.

*cough* Raubwirtschaft or "plunder economy"

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Such history of money does not even appear in the textbooks of public (government) schools today.

Much like the debt free money issued, colonial script, that allowed the colonies to flourish free of borrowing debts prior to the currency act of 1764.

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I am sure there was pressure to stimulate demand in that way; just as we will see periodically from hereon in.

But it is well documented.

http://www.time.com/...2023140,00.html

First they printed to cover the debts...

then they decided to default....

The German government was debt free and showed a balanced budget in 1924.

History is being constantly rewritten to suit the VIs propaganda aims of the day. You've got to read books published straight after the event to get a picture, they knew perfectly well what was going on.

Edited by _w_

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It was different that time?

errr...........perhaps you've not been paying attention to what Merkin is demanding of the Greek people. The asset stripping, the equity sales, the gold sales, the Island sales and so on.

Germany has a choice - She can happily make fiscal transfers as the matriarch of the EUSSR to compensate for her position of strength or she can force everyone else into a destructive and ongoing deflation and steal their assets.

Merkin appears to want the latter. No change there then.

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Interesting word. One thing I noticed in reading history is that the plunder to support a lot of the elites in Britain used to be coming from the colonies. But with the colonies gone they are trying to find others to plunder. Which they had to settle on our own citizens, and especially the young and the yet unborn. Taking out debts in their name. The children born into debt peonage.

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It was different that time?

errr...........perhaps you've not been paying attention to what Merkin is demanding of the Greek people. The asset stripping, the equity sales, the gold sales, the Island sales and so on.

Germany has a choice - She can happily make fiscal transfers as the matriarch of the EUSSR to compensate for her position of strength or she can force everyone else into a destructive and ongoing deflation and steal their assets.

Merkin appears to want the latter. No change there then.

Your anti-German prejudices completely blind you.

If anything the German government is the only official entity in Europe that has consistently asked for haircuts, and keeps taking serious flack from everyone else in the process.

http://www.forexlive.com/blog/2011/06/22/germanys-merkel-says-eu-summit-will-not-make-any-concrete-decision-on-greece/

Germany’s Merkel: Says EU summit will not make any concrete decision on Greece

  • Confident vote in Greece an important step but Athens must push thorugh austerity package
  • Wants voluntary, substantial, quantifiable contribution from private sector to Greek aid deal
  • Not possible to demand private sector contribution if ECB is not in agreement on method
  • Can only warn against disorderley default
  • No one knows who holds CDS, who would have to pay what under Greek credit event
  • Default would unleash contagion that she does not want to be responsible for
  • Greek haircut could force countries under EFSF that currently have no problems

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Your anti-German prejudices completely blind you.

If anything the German government is the only official entity in Europe that has consistently asked for haircuts, and keeps taking serious flack from everyone else in the process.

http://www.forexlive...sion-on-greece/

Perhaps your pro German stance blinds you to reality.

I'm not anti German at all. I'm anti Germany's actual policy on this to date. I'm also anti the German popular rhetoric against the Greeks. People elect governments and if Merkin doesn't do what the German 'taxpayer' wants she'll be binned for someone who will.

Merkin can say anything she likes - Germany has had well over 12 months to simply resolve this yet continues to spin out the pain on the Greeks with the sole intention of forcing asset fire sales and gaining political control. That's plainly obvious.

Germanys history speaks for itself, as the article describes.

Voluntary actions from German banksters. Forced austerity on the Greeks. Sure, she just hates German banksters and loves those Greeks.

  • Confident vote in Greece an important step but Athens must push thorugh austerity package
  • Wants voluntary, substantial, quantifiable contribution from private sector to Greek aid deal
Edited by Red Karma

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Perhaps your pro German stance blinds you to reality.

I'm not anti German at all. I'm anti Germany's actual policy on this to date. I'm also anti the German popular rhetoric against the Greeks. People elect governments and if Merkin doesn't do what the German 'taxpayer' wants she'll be binned for someone who will.

Merkin can say anything she likes - Germany has had well over 12 months to simply resolve this yet continues to spin out the pain on the Greeks with the sole intention of forcing asset fire sales and gaining political control. That's plainly obvious.

Germanys history speaks for itself, as the article describes.

Voluntary actions from German banksters. Forced austerity on the Greeks. Sure, she just hates German banksters and loves those Greeks.

  • Confident vote in Greece an important step but Athens must push thorugh austerity package
  • Wants voluntary, substantial, quantifiable contribution from private sector to Greek aid deal

I don't have a pro-German bias, I just notice that they are the only ones asking for private sector participation which you refuse to do.

The sellers of CDS are the ones who insist on 'voluntary' participation, and they are not Germans:

http://www.forexlive.com/blog/2011/06/22/french-govt-spokesman-france-will-not-accpet-any-default-of-greek-debt/

French govt spokesman: France will not accept any default of Greek debt

Oh la la.

We've all got our biases, my particular pet hate are the French. You should know it because it is distorting your view of things, it shows in every one of your posts related to Germany.

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Yes. The whole world pretty much was solvent. Just as Ireland had a budget surplus just a couple of years ago. Regardless of whether they managed to balance the budget in 1924, they had already defaulted many times...

No, their debts were totally wiped out by the hyperinflation.:)

High debt levels make you susceptible to downturns and to interest rate rises. Either of which can make you insolvent.

There was a depression in 1920-21 which is much less well known than the post 1929 crash.

You've got your facts wrong. There was a major collapse from 1914 to 1919, but after that the high and then hyperinflation induced an artificial economic boom until 1923. In 1923, the inflation induced dislocations that were such that the economy collapsed.

I was very careful not to deny the process which you describe re the industrialists. You are clearly very well read on this era and would not be so foolish to challenge that fact.

Hmmm... I wish I was but I'm just confident because I've read a handful of outstanding analyses of the time, backed by actual referenced data.

However, if industrialists clamour for loose monetary policy today (as various commercial VI's do) I would attribute that simply to short term commercial interests (with the side effects you describe). I would not attribute the entire problem to it. For that we need unbelievable amounts of debt and public and political connivance as it were.

You're absolutely correct. I am just discovering how much of a political phenomenon inflation is and the extent of its consequences. If you were generous you could say I am mildly obsessed by the subject at the moment. :)

And a post war Germany labouring under what they considered to be excessive reparations was hardly likely to want to settle these 'unfair' debts.

They didn't want to but the inflation was purely an internal phenomenon. The Germans' debt where to be paid in gold. And the inflation policy did help German the economy and employment in particular, for quite a long time so the policy was not to commit economic suicide to avoid paying debt.

Edited by _w_

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In Billions for the Bankers, Debts for the People (1984), Sheldon Emry commented:

Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today.

You seem highly consistent in publishing total mis-information lately.

The Rothschilds monetary funding (they even kept banks open in Paris for Nazi officer accounts), US oil companies supplied oil for german aircraft, US steel and vehicle companies, IBM,

George Bush's grandfather, the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany. The Guardian has obtained confirmation from newly discovered files in the US National Archives that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism.

His business dealings, which continued until his company's assets were seized in 1942 under the Trading with the Enemy Act, has led more than 60 years later to a civil action for damages being brought in Germany against the Bush family by two former slave labourers at Auschwitz and to a hum of pre-election controversy.

The evidence has also prompted one former US Nazi war crimes prosecutor to argue that the late senator's action should have been grounds for prosecution for giving aid and comfort to the enemy.

But the new documents, many of which were only declassified last year, show that even after America had entered the war and when there was already significant information about the Nazis' plans and policies, he worked for and profited from companies closely involved with the very German businesses that financed Hitler's rise to power. It has also been suggested that the money he made from these dealings helped to establish the Bush family fortune and set up its political dynasty.

http://www.guardian.....secondworldwar

Edited by erranta

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You seem highly consistent in publishing total mis-information lately.

The Rothschilds monetary funding (they even kept banks open in Paris for Nazi officer accounts), US oil companies supplied oil for german aircraft, US steel and vehicle companies, IBM,

...yes...strong evidence...if it wasn't for Pearl Harbour they may have never entered the war...but like WW1 many individual citizens ...would have... . :rolleyes:

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...yes...strong evidence...if it wasn't for Pearl Harbour they may have never entered the war...but like WW1 many individual citizens ...would have... . :rolleyes:

President Roosevelt (FDR) provoked the attack, knew about it in advance and covered up his failure to warn the Hawaiian commanders.

"...everything that the Japanese were planning to do was known to the United States..."

ARMY BOARD, 1944

FDRoosevelt blinded the commanders at Pearl Harbor and set them up by -

  1. denying intelligence to Hawaii (HI)
  2. on Nov 27, misleading the commanders into thinking negotiations with Japan were continuing to prevent them from realizing the war was on
  3. having false information sent to HI about the location of the Japanese carrier fleet

1940 - FDRoosevelt ordered the fleet transferred from the West Coast to its exposed position in Hawaii and ordered the fleet remain stationed at Pearl Harbor over complaints by its commander Admiral Richardson that there was inadequate protection from air attack and no protection from torpedo attack. Richardson felt so strongly that he twice disobeyed orders to berth his fleet there and he raised the issue personally with FDR in October and he was soon after replaced.

His successor, Admiral Kimmel, also brought up the same issues with FDR in June 1941.

http://whatreallyhap...6315/pearl.html

Thousands of peoples lives were trashed by the Elites set-piece war G-ames with each other!

Edited by erranta

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  • 284 Brexit, House prices and Summer 2020

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      • down 5% +
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