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The Incredible Rollercoaster of Weimar Hyperinflation: when a billion was pocket change
Manage episode 452118439 series 3527557
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On Oct 15th, 1923, Berlin resident Betty Scholem wrote to her son: “Conditions have taken a catastrophic turn here. This letter cost 15 million marks to send...and it will be 30 million beginning the day after tomorrow.” She estimated household expenses in the billions as the monthly rate of inflation approached 30,000 percent.
In 1913, one US dollar was worth roughly 4 German marks. By November, 1923 in Germany, ten years later, hyper-inflation had pushed one US dollar to be worth 4,210,500,000,000 German marks. And by then it was quite common to be carrying around a one billion mark banknote. The journey through this hyperinflation changes everything in Germany. It makes beggars and it makes billionaires. It destroys an entire class of people. It changes morals and ambitions and sexual morality. It fuels the rise of right wing and left wing revolutionary dreams. It stokes the fears and hatreds and racism that lead to the 2nd World War, and it still effects today’s Europe.
Welcome to The Weimar Spectacle, where I explore the brief and extraordinary life of the Weimar Republic. I’m Bremner Fletcher Duthie, singer, actor and theatre maker. I’ve spent years performing songs and theatre and cabaret from the Weimar period, and I’m inspired and maybe more than a little obsessed by that moment in time.
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