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:
“till disproportion’d sin
Jarr’d against natures chime, and with harsh din
Broke the fair musick that all creatures made
To their great Lord, whose love their motion sway’d
In perfect Diapason, whilst they stood
In first obedience, and their state of good.”
—John Milton (1608–1674)
“The health of the soul is something we can be no more sure of than that of the body; and though a man may seem far from the passions, yet he is in as much danger of falling into them as one in a perfect state of health of having a fit of sickness.”
—François, Duc De La Rochefoucauld (1613–1680)
“Sometimes, because of its immediacy, television produces a kind of electronic parable. Berlin, for instance, on the day the Wall was opened. Rostropovich was playing his cello by the Wall that no longer cast a shadow, and a million East Berliners were thronging to the West to shop with an allowance given them by West German banks! At that moment the whole world saw how materialism had lost its awesome historic power and become a shopping list.”
—John Berger (b. 1926)