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1923: Hyperinflation | GCSE History | Weimar Germany
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- Опубліковано 8 січ 2022
- It’s 1923 and a goods shortage means that prices are rising like crazy.
#GCSEHistory #GCSERevision #WeimarGermany
PATREON: / alonglongtimeago
**---Useful resources---**
Revision Notes:
Inflation and hyperinflation
- goods shortages in early 1923 meant that prices went up - this is called inflation
- people had to pay more money to get what they needed
- government decisions made things worse
- the gov needed money to pay their debts but unemployment and failing factories meant they were getting less tax money
- 1919-23 gov income was a quarter of what was needed
- the gov resorted to printing more money
- 1923 gove had 300 paper mills and 2000 printing shops dedicated to printing more bank notes
- initially it made it easier to pay reparations
- but it made inflation worse
- vicious circle: prices rose more, more money printed, caused prices to rise again
- by 1923 prices where huge
- this extreme inflation is called hyperinflation
- price of a loaf of bread: 1919 1 mark, 1922, 100 marks, 1923 200 000 billion marks
the effects of hyperinflation
1) Normal Living became impossible
- printing presses couldn’t produce enough money
- people had to pin money to letters because stamps were useless
- they had to carry bundles of money in baskets and even wheelbarrows
- many workers were paid twice a day so they could rush out and buy goods before prices rose even more
- some shops refused to take money at all, asking for payment in kind (swapping goods)
- some people raided shops because they couldn’t afford food
2) Everyone suffered from shortages
- german marks became worthless for importing goods
- 1918 buying £1 worth of foreign goods cost 20 marks, by nov 1923, £1 worth of foreign goods cost 20 billion marks
- foreign suppliers refused to accept german marks for goods so imports dried up and shortages of food and other goods got worse for everyone
3) People with savings were hit hardest
- those with money in bank accounts, insurance policies or pensions had their saved money become worthless
- thus the middle classes were the worst affected
There were people who benefited from inflation
- people who had loans or took them out found that the value of the money they owed went down, e.g. some big businessmen borrowed money and profited because the value of their debts went down
- other people hoarded goods and then sold them for a large profit as prices went up
- foreign visitors also benefited, as the value of their own currency rose against the german mark, so they could buy much more with their money
- german people bitterly resented people who made money out of their suffering
the damage done
- after august 1923 a new chancellor gustav stresemann found solutions to some of the problems of 1923
- by this point however the political and economic turmoil from 1918 to 1923 had done its damage
- the WR was shown to be weak, it had been rescued by the freikorps in 1919 and workers striked in 1920, government forces had killed thousands of germans in order to stay in power
- all germans had suffered. most blamed the WR for their suffering, the middle classes which would normally be the bedrock of the republic suffered most
- extremist parties with private armies hostile to the republic had gained in strength
HOW I MODERATE COMMENTS
docs.google.com/document/d/1r...
SOURCES:
John Child, 'Edexcel GCSE (9-1) History Weimar and Nazi Germany, 1918-1939 (EDEXCEL GCSE HISTORY (9-1))' (Pearson, 2016) [ISBN: 9781292127347], pp. 23-24
It's a GCSE textbook, please don't use it for any serious academic writing!
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🚨CORRECTIONS 🚨:
✔︎ None so far! :)
Spotted a mistake in the video?
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✘ I do not engage with corrections comments which are written rudely
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ur mum
Inflation is the expansion of the money supply. Not the increase in prices.
Although accurate, not representative of the truth. They weren't failing factories, they were stolen factories, France took them for reparations. The debt was unserviceable, but it was unsurfacable because it was saddled on Germany after world war I for reparations in an amount that could never be paid and Germany, France, Britain and Poland new full well they couldn't pay it. Context is important
It says in the vid (1:13) 1923 loaf of bread costs 200 billion marks but in the Pearson edexcel textbook it says 200,000 billion marks.
*edit - just searched it up and the textbook is wrong.
Re mistake in video - it is 100% wrong! Inflation is a consequence of money printing and NOT the other way around. Print twice as much money and it is only worth half as much etc.
Did the Weimar Republic think they found a real life infinite money glitch? The scale of the hyperinflation seems so ridiculous. Awesome video!
seems like it lol
Venezuela also went through hyperinflation in 2017
I've been here since GCSEs, but even at in final year of A-Levels these videos are super helpful for summarising everything. Thanks for making these! :)
I got a 9 in my GCSE History, and thank you so much, your videos really helped me all through last year.
100 years later we are now going through the same thing.
Lmao
Don’t be over dramatic, its not like prices rise while you’re in line for coffee
@ottomanpodcast really though. I saw a similar comment on another video. Fear mongering will always exist sadly.
@@ottomanpodcast Doesn't mean we should ignore the fact that it's still inflating
Gurl, UR VOICE IS AMAZING 😭😭😭
(is it just me or voices when u have a cold sound so good-)
Why thank you 😊😂
How much do you think hyperinflation set back public confidence in the Weimar Republic? Share your opinion and why :)
I would say a large number of workers lost faith in the government. Which in turn made them more susceptible to extreme ideology. And the middle class which saw this change in the workers feared revolution, so they turned too extreme ideology as well. So in other words in began a domino effect which ended in the Nazis taking power. Though of course there were many other reasons as well.
I don't actually believe there was ever much confidence in the Weimar. As it was a puppet state. Under the control of the league of nations. In order to force Germany to pay it's very large and embarrassing war indemnity. And Russian socialist had infiltrated this government from the start. Inflation in my opinion was not the soul the reason for it's collapse. But with the government being squeezed from so many outside forces. Really gave it no other choice, than to print money like it was going out of style. And America, and Woodrow Wilson's, "League of Nation's" could escape blame. And it did just that! Sad but true. And I'm American all the way. Thru & thru! But Germany was punished to such a degree. It's collapse was inevitable. What nobody understood though. Is that Germany's people wanted to remain German. And a certain somebody came into the picture. Promising just that. And by no means does this excuse Germany's actions. But no attention is paid to all these other factors. And a large part of Europe begged the League, not to do what it did. Germany was war weary. After the first world war. And Hitler was a symptom of this.
Love your videos!! So helpful, fast and effective🤝
Thank you so much! I have to write a letter of complaint to the Weimar Republic for history and its due tomorrow, so you just saved me so much time by putting so many useful things inside this video!
Glad to hear from you again
Honestly your videos make revising so much easier and interesting thank you
A long , long time ago’s videos are easy to understand which are some good materials for me to revise and remember those accidents,Thank you rlly much:)
I aced my january mocks on the Weimar republic thanks to your help. Fantastic content :)
What we like to hear! Congrats and thank you!! :)
I don’t think it’s fully correct to say that inflation is when prices go up. You can have a shortage in a certain good causing prices to rise without having an inflation. I think it’s more accurate to say that inflation is an increase in the total supply of currency.
Brilliant video. Please keep them coming.
Thank you :)
100 years loop begun for globe i think. Thank you for your effective effort.
thank you your history videos are so helpful, thanks to you I got a 9 in my mock!
wow those revision notes are kind of bonkers, thank you
Yeah! Another new video.
i'm very grateful of u like i genuinely love u tyyyyy
Very well done.
As a history fan, I was just searching for videos about the Weimar Republic and found this one. The art style is really nice! And nice video and explanations overall. XD
+1 like and sub
Why thank you! Pleased you like the channel :)
Thank you so much. Your videos are very helpful! If you have the time, may you make a video on GCSE source questions?
It'll probably be the next exam question video I do when I get round to it :)
could you do a video on how to answer a source question for history exams
Hi, i think you forgot the main reason the hyperinflation started, and it was because the french invaded the Ruhr because they were upset that Germany was no longer able to pay repartions so the government told the workers in the Ruhr to not listen to the French and they printed money to pay the workers but the more money they printed, the more value it lost.
Have a wonderful day/night! :D
thanks
can you make a playlist for conflict andtension and medicine
Hi i really like your videos, are very well syntethized , how do you make them? Do you draw or do you use a program like toom boom? Im asking this because i want to do something similar to explain “what a currency board is”.. thanks!
Pleased you like the videos! I draw all the characters and pictures (that aren't photographs) myself and then use final cut x and motion 5 to do the animation.
I found these in school but like watching them anyway
Re mistake in video - it is 100% wrong! Inflation is a consequence of money printing and NOT the other way around. Print twice as much money and it is only worth half as much etc.
When a central bank increase the currency supply this is an inflation. Price rises are symptoms of inflation.
Ahh thank you for uploading this! My history mock for Weimar Germany is on Wednesday and your vids help immensely!!
Good luck with your mock!!
you are a legand!!
Thank you :))
I just found this video and thought I may as well add my two cents (or two 1923's German Marks) worth to the discussion. 😆
The value of paper money depends upon a promise to pay, given by the government which prints the money. The value of the money must be backed up by something with actual value, otherwise confidence in the paper money will drop, in turn dropping its value.
As an over-the-top but still accurate illustration, imagine firstly that the entire paper currency of a nation is represented by a single German Mark. Imagine also that its value is backed up by the government owning a single loaf of bread. What happens if the government prints 9 more German Marks without increasing the number of loaves of bread they own to back up the value of the notes? Fairly obviously, each German Mark is now worth only one-tenth of a loaf of bread.
It's a bit like simply cutting a pie into more and more slices. You don't get more pie. Instead, you just get smaller slices so that you need more of them to get even a single mouthful.
And that, in a nutshell, is why simply printing more money reduces the value of money as a whole.
Ooh man europe 2022 ecb is still printing money its just too damm funny to see everyone panic 😂😂😂
That's normal university take a lot of time and if you have to work on the side side project are just close to impossible
that sounds about right!
Are you planning to do A level videos? I'm going into A level history next year :)
I was but I realised I can't even keep pace with the GCSE videos so realistically, it's probably not going to happen unfortunately :(
when will u finish the series? exams arent far off
After this years exams unfortunately because with uni there's no way I'll find time before then :(
Hey did you delete any of videos? I remember I watched a video of British india on your channel.
Yup, I occasionally do that to old videos- either I have made a new version of the video/covered it in a better way (some of my older videos have some copyright issues, or as is the case for that one I'm not happy with the quality of the video - I don't feel like that video was well enough researched or dealt with the issues involved properly
2:37 I HATE when youtubers say that they will link something and they don't.
I hate to break it to you but the link is there in the corner where I said
By any chance were you taught history by Mr Holden for GCSE's?
There was no Mr Holden at my school :( how come?
gonna ace my exam now
What did you take in uni
this gonna come as a shock to you but... history!
That does not sound like life was impossible. Juts that the money was cumbersome. Now it would simply be an app
We watched this at school
Not my history teacher sending me these for classwork
not your history teacher having excellent taste in youtube videos 😂
@@Alonglongtimeago She did. And I come back every now and again to check if there is any new videos now
i wish i did history lol, but i did geography because you don’t have to write much
Best...💋⚘🤦♂️ LOVE U FROM INDIA...❤
False. Inflation= increase in the monetary supply. And the cause of price inflation isn't a shortage of goods, it's the devaluation of the currency, which changes consumption behavior.
my guy you are watching a history video aimed at 13-16 year olds. stuff gets simplified
@@Alonglongtimeago oo lol, I sub'd to a lot of history channels a while back, I didn't realize this 1 was just for kids ✌
Argentina 2023
Hyperinflation was good! Everyone has it wrong! During that time people were happy, everyone had work and all of that while the rest of the world was experiencing the worst crisis in history. This is the biggest history misconception of all time and it is screwing us all.
*everyone is a millionaire* says Germany in dat time. 1923 ;x;
:)
I wounder why there are so few girls in history channels. Almost all of the channels have only boys.