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 superficiality of the American is the result of his hustling. It needs leisure to think things out; it needs leisure to mature. People in a hurry cannot think, cannot grow, nor can they decay. They are preserved in a state of perpetual puerility.”
—Eric Hoffer (1902–1983)
“If you have a message you want to send to hell, give it to me; I’ll carry it!”
—Administration in the State of Sout, U.S. public relief program (1935-1943)
“Germany has reduced savagery to a science, and this great war for the victorious peace of justice must go on until the German cancer is cut clean out of the world body.”
—Theodore Roosevelt (1858–1919)