The Downfall Of Money: Germanys Hyperinflation And The Destruction Of The Middle Class - Plot & Excerpts
Hilferding’s jest that the best financial policy was a good foreign policy had been even more pointed than it seemed. Two months after gaining office, Stresemann found himself in a distinctly improving international situation. On 12 October, the British decided to take up the ten-month-old offer by Hughes, the American Secretary of State, to convene a new conference, which would re-examine the reparations problem within an economic context. Two weeks later, Poincaré, though still holding on tight to the Ruhr and Rhine, agreed, under certain conditions and subject to a thorough investigation of Germany’s actual foreign exchange and investment holdings, to a reassessment of the Reich’s treaty liabilities. The fact that Poincaré was losing political clout at home – the Ruhr occupation was not universally popular, and becoming less so – was an important factor. However, so was the Americans’ promise to link the reparations question with the still-stalemated problem of repayment of inter-Allied loans.
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