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At the bottom within the November 1923, one to silver mark try well worth a great trillion reichsmarks. The first phase, which pursue economic exhaustion try evidenced inside a period of rising prices since the borrowing from the bank is lengthened to help with the brand new post-battle data recovery because of the investment application. This can be accompanied by a time period of noticeable currency balance since the borrowing from the bank expansion is rerouted in order to property, on the stock exchange increasing and you may assets beliefs rising to offer an impression away from prosperity. And finally, the newest currency comes into its third age of finally collapse because the credit bubble deflates. Large bond output log off politicians with no solution but to help with that which you, from a deep failing businesses, to banks, also to keep the governments in the financing. So it assistance originates from all the more brief-label financial obligation, granted during the suppressed rates to finance money extension to pay for this all of the.
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