The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class (57 page)

 
  
4
   Quoted in Niall Ferguson, ‘The Balance of Payments Question’, in Boemeke, Feldman and Glaser (eds),
The Treaty of Versailles: A Re-Assessment after 75 Years
, Washington, DC, and Cambridge, 1998, p. 406.

 
  
5
   See Feldman,
The Great Disorder
, p. 284.

 
  
6
   Niall Ferguson, ‘Keynes and the German Inflation’,
The English Historical Review
, vol. 110, no. 436 (Apr. 1995), p. 378.

 
  
7
   Quoted in Feldman,
The Great Disorder
, p. 393.

 
  
8
   
Pörtner
,
Alltag in der Weimarer Republik
, p. 32.

 
  
9
   See Feldman,
The Great Disorder
, pp. 568ff.

 
10
   Quoted in ibid., p. 288.

 
11
   For the business card see ibid., p. 284.

 
12
   Ferguson, ‘Keynes and the German Inflation’, p. 379.

 
13
   Feldman,
The Great Disorder
, p. 257.

 
14
   Ibid., p. 598.

 
15
   See McNeil,
American Money and the Weimar Republic
, p. 47. And for the debate over government control of capital exports.

 
16
   See the discussion of the contemporary and more recent estimates, including Carl-Ludwig Holtfrerich’s, in Stephen A. Schuker, ‘American “Reparations” to Germany’, in Gerald D. Feldman (ed.),
Die Nachwirkungen der Inflation auf die deutsche Geschichte,
1924
-
1933
, Munich, 1985, p. 367.

 
17
   Ferguson, ‘Keynes and the German Inflation’, p. 379f.

 
18
   Quoted in Feldman,
The Great Disorder
, p. 598.

 
19
   Editorial in
Vossische Zeitung
, ‘Der Kampf ums Leben’, Sunday, 1 January 1922, p. 1f.

Chapter 15: No More Heroes

 
  
1
   See Gomes,
German Reparations, 1919-1932
, p. 106f.

 
  
2
   ‘Germany’s Hopes from Genoa: A Remarkable Survey by Dr. Rathenau’, in
Manchester Guardian
, 17 April 1922, p. 5. And for the following.

 
  
3
   Gomes,
German Reparations, 1919-1932
, p. 107.

 
  
4
   Winkler,
Weimar 1918-1933
, p. 169.

 
  
5
   Both quotes ibid., p.171. Hirsch’s remarked in German that the treaty meant sacrificing: ‘. . . für die russische Taube auf dem Dach der fette Reparationsspatz in der Hand’.

 
  
6
   See table ‘The Correlation Between the Dollar Exchange Rate of the Mark and Political News in 1922’, in Feldman,
The Great Disorder
, p. 505.

 
  
7
   ‘Der Dollar 318½’, in
Finanz- und Handelsblatt der Vossischen Zeitung,
Monday 12 June 1922 (evening edition), online as above.

 
  
8
   Quoted in Friedrich,
Before the Deluge
, p. 105.

 
  
9
   Quoted in Winkler,
Weimar 1918-1933
, p. 173.

 
10
   Song quoted (in German) in Volker Ulrich,
Fünf Schüsse auf Bismarck: Historische Reportagen
, p. 154. Free English translation by the author.

 
11
   For an account of the attack see ‘Fehlgeschlagenes Attentat auf Scheidemann’, in
Vossische
Zeitung
, 6 June 1922 (morning edition), p. 1. For a further explanation of the effects of the poison see ‘Der Anschlag auf Scheidemann: Das Echo der Presse’, in
Vossische Zeitung
,
7 June 1922 (morning edition), p. 3.

 
12
   Friedrich,
Before the Deluge
, p. 104.

 
13
   Gomes,
German Reparations, 1919-1932
, p. 109.

 
14
   Feldman,
The Great Disorder
, p. 441.

 
15
   Ibid., p. 446.

 
16
   Ibid., p. 445.

 
17
   For the quote and the comment on its significance see ibid., p. 439. See also Gerald D. Feldman,
Hugo Stinnes: Biographie eines Industriellen 1870-1924
, Munich, 1998, p. 757.

 
18
   For this evening and the conversations at Ambassador Houghton’s house, including those mentioned in the following paragraph, see Edgar D’Abernon,
An Ambassador of Peace: Lord D’Abernon’s Diary
, vol. II,
The Years of Crisis June 1922-December 1923
, London, 1929, 28 June 1922, p. 47f. The British ambassador’s description of that evening is based on an account given to him by Houghton and also, regarding the supposed unity of mind between Stinnes and Rathenau, by Stinnes himself. Curiously, D’Abernon gives the wrong date, 28 June, as the day of Rathenau’s assassination.

 
19
   For an immediate account see ‘Der Reichsminister Rathenau Ermordet’, in
Vossische Zeitung
, 24 June 1922 (evening edition), p.1. The building worker’s account is in ‘Der Bericht eines Augenzeugen’, in
Vossische Zeitung
, 25 June 1922 (Sunday), p. 6.

 
20
   Kessler,
Diaries of a Cosmopolitan
, p. 185.

 
21
   Price,
Dispatches from the Weimar Republic
, p. 126.

 
22
   Figures in Peter Lempert in
Forum
, 24 June 2012, ‘Die Ermordung Walther Rathenaus’, online at
http://www.magazin-forum.de/die-ermordung-walther-rathenaus.

 
23
   Pörtner,
Alltag in der Weimarer Republik
, p. 301.

 
24
   Haffner,
Geschichte eines Deutschen
, p. 53.

 
25
   Friedrich,
Before the Deluge
, pp. 115
-
17.

 
26
   See the memoirs of Walther Rathenau’s niece, Ursula von Mangoldt,
Auf der Schwelle Zwischen Gestern und Morgen: Erlebnisse and Begegnungen
, Weilheim/Oberbayern, 1963, p. 43.

Chapter 16: Fear

 
  
1
   Feldman,
The Great Disorder
, p. 446.

 
  
2
   Winkler,
Weimar 1918-1933
, p. 181.

 
  
3
   Feldman,
The Great Disorder
, p. 450.

 
  
4
   Ibid.

 
  
5
   Ibid., p. 451.

 
  
6
   See Winkler,
Weimar 1918-1933
, p. 181f.

 
  
7
   Feldman,
The Great Disorder
, p. 451.

Chapter 17: Losers

 
  
1
   Andrew MacDonald, ‘The Geddes Committee and the Formulation of Public Expenditure Policy’, in
The Historical Journal
, vol. 32, no. 3 (Sept. 1989), p. 649.

 
  
2
   Dan P. Silverman,
Reconstructing Europe after the Great War
, Cambridge, MA, and London, 1982, p. 143f. And for the following.

 
  
3
   Haffner,
Geschichte eines Deutschen
, p. 58.

 
  
4
   ‘Hermann Zander geb. 1897 erzählt’, at the website Kollektives Gedächtnis,
http://www.kollektives-gedaechtnis.de
, as above. And for the following quotation.

 
  
5
   Haffner, Geschichte eines Deutschen, p. 59.

 
  
6
   Wehler,
Deutsche
Gesellschaftsgeschichte
, Bd. 4, p. 294. He estimates the strength of the
Bildungsbürgertum
in the strictest sense at some 135,00, and by adding family members arrives at a figure of between 540,000 and 680,00, or some 0.8 per cent of the population for this class as a whole.

 
  
7
   See Holtfrerich,
The German Inflation 1914-1923
, p. 268.

 
  
8
   For student incomes see Merith Niehuss, ‘Lebensweise und Familie in der Inflation’, in Carl-Ludwig Holtfrerich, Gerhard A. Ritter and Peter-Christian Witt (eds),
Die Anpassung an die Inflation
, Berlin, 1986, p. 259f.

 
  
9
   Friedrich,
Before the Deluge
, p. 122.

 
10
   Wehler,
Deutsche
Gesellschaftsgeschichte
, Bd. 4, p. 298.

 
11
   Haffner,
Geschichte eines Deutschen
, p. 60f.

 
12
   Wehler,
Deutsche
Gesellschaftsgeschichte
, Bd. 4, p. 298.

 
13
   Niehuss, ‘Lebensweise und Familie in der Inflation’, in
Die Anpassung an die Inflation
, p. 245.

 
14
   
Pörtner
,
Alltag in der Weimarer Republik
, p. 170.

 
15
   Quotation from essay ‘Die intimen Seiten der deutschen Lage’, 4 March 1922, in Troeltsch,
Die Fehlgeburt einer Republik
, p. 255f.

 
16
   See Deborah
Cohen
,
The War Come Home: Disabled Veterans in Britain and Germany, 1914-1939
, Berkeley, CA, 2001, p. 7.

 
17
   See Gerald D. Feldman, ‘The Fate of the Social Insurance System in the German Inflation, 1914 to 1923’, in
Die Anpassung an die Inflation
, pp. 437ff.

 
18
   Feldman,
The Great Disorder
, p. 563.

 
19
   Notes to Price,
Dispatches from the Weimar Republic
, p. 129.

 
20
   Ibid. article., p.130.

 
21
   See Steven B. Webb, ‘Fiscal News and Inflationary Expectations in Germany After World War I’, in
Journal of Economic History
, vol. 46, no. 3 (Sept. 1986), p. 786.

 
22
   Niehuss, ‘Lebensweise und Familie in der Inflation’, in
Die Anpassung an die Inflation
, p. 252.

 
23
   Friedrich,
Before the Deluge
, p.126.

 
24
   Ibid., p. 253f.

 
25
   Ibid., p. 256f.

 
26
   
Pörtner
,
Alltag in der Weimarer Republik
, p. 341.

 
27
   Ibid., p. 254f.

 
28
   ‘The New Berlin Crisis. Oscillations of the Mark’, in
Manchester Guardian
,26 March 1922, p. 8.

Chapter 18: Kicking Germany When She’s Down

 
  
1
   ‘Valuta und Fondsmarkt: Der Dollar 6300’, in
Vossische Zeitung
, 22 November 1922 (Saturday edition), p. 9.

 
  
2
   ‘Dr. Cuno To Be Chancellor: At Work on New Cabinet’, in
The Times
, 17 November 1922, p. 9.