State of German Finances
Sharp criticism was levelled in Parliament and in the press against the extreme slowness with which long overdue taxes were being collected. The slowness in tax collection was partly attributable to the overworked condition of revenue and taxation officials. The sensational drop in the value of the mark due to inflation in the Weimar Republic made the financial position still more deplorable, and produced at the end of the year an unprecedented rise in prices. It also led to a positive inundation of the large western towns with buyers from the countries with high exchange. This resulted in Germany being drained of goods without receiving a fair equivalent. The stimulus given to trade and industry, though it certainly reduced unemployment to a minimum, was no compensation, because the export of manufactures involved a continual decrease of German assets. Eventually, all of these factors would lead to the mark being devalued to as little as 4.2×1012 mark to the United States dollar.
Read more about this topic: 1921 In Germany
Famous quotes containing the words state of, state and/or german:
“The principal saloon was the Howlin’ Wilderness, an immense log cabin with a log fire always burning in the huge fireplace, where so many fights broke out that the common saying was, “We will have a man for breakfast tomorrow.””
—For the State of California, U.S. public relief program (1935-1943)
“The duties which a police officer owes to the state are of a most exacting nature. No one is compelled to choose the profession of a police officer, but having chosen it, everyone is obliged to live up to the standard of its requirements. To join in that high enterprise means the surrender of much individual freedom.”
—Calvin Coolidge (1872–1933)
“The French courage proceeds from vanity—the German from phlegm—the Turkish from fanaticism & opium—the Spanish from pride—the English from coolness—the Dutch from obstinacy—the Russian from insensibility—but the Italian from anger.”
—George Gordon Noel Byron (1788–1824)