Die Inflation von 1923

A hundred years ago, Germany experienced an unimaginable destruction of money. No other Western country has faced hyperinflation of this intensity in its recent history. Although the eyewitnesses have long since passed away, stories from the time when a kilogram of beef cost 2.6 trillion marks and grandmothers heated their stoves with million-mark notes are still told in almost every family. The fears and struggles have left a deep imprint on the collective memory of the Germans.

But how could such a massive devaluation of money occur? What decisions made by financial politicians and central bankers led to this? Why was the government unable to stop the inflationary spiral? And how did people experience this time in their daily lives? Frank Stocker provides answers to these questions. He narrates how the country initially slipped gradually and then increasingly rapidly into the vortex of currency devaluation, what caused it, what accelerated it, how those responsible struggled to find a way out, and how they only found it late. He also looks to the future: Could something like this happen again? And are we perhaps already on the way there?

Frank Stocker masterfully sketches the political power dynamics, explains the financial policy decisions, illuminates the economic consequences, and captures the societal climate. In 50 engaging chapters, he approaches the greatest monetary disaster in Germany in such an exciting way that you will forget you are holding a non-fiction book.