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:
“Feminism, like Boston, is a state of mind. It is the state of mind of women who realize that their whole position in the social order is antiquated, as a woman cooking over an open fire with heavy iron pots would know that her entire housekeeping was out of date.”
—Rheta Childe Dorr (1866–1948)
“When the Revolutionaries ran short of gun wadding the Rev. James Caldwell ... broke open the church doors and seized an armful of Watts’ hymnbooks. The preacher threw them to the soldiers and shouted, “Give ‘em Watts, boys—give ‘em Watts!””
—For the State of New Jersey, U.S. public relief program (1935-1943)
“Boys hide in lunging cubes
Crouching to explode,
Beyond the Atlantic skies,
With cheerful cries
Their barking tubes
Upon the German toad.”
—Allen Tate (1899–1979)