BruceMcF:
Also note that the [Weimar] Republic ...) ... was not "the [Weimar] Republic" of Faith-Based Monetary Theory either. The hyperinflation of the [Weimar] Republic followed, as Keynes in part predicted in "The Economic Consequences of the Peace", from the collapse of the economies in Germany's former major export trade zone, combined with an increased structural dependency on imports with the French occupation of the Rhineland industries. Combine that balance of payments position with a demand that the [Weimar] Republic hand over regular reparations payment, and it is quite like a badly governed African nation that has to pay the debts to the World Bank and other transnational corporations incurred with no expectation by the lending agencies that the result of the projects funded would be sufficient foreign exchange earnings to pay off the loans.
... was not "the [Weimar] Republic" of Faith-Based Monetary Theory either.
The hyperinflation of the [Weimar] Republic followed, as Keynes in part predicted in "The Economic Consequences of the Peace", from the collapse of the economies in Germany's former major export trade zone, combined with an increased structural dependency on imports with the French occupation of the Rhineland industries.
Combine that balance of payments position with a demand that the [Weimar] Republic hand over regular reparations payment, and it is quite like a badly governed African nation that has to pay the debts to the World Bank and other transnational corporations incurred with no expectation by the lending agencies that the result of the projects funded would be sufficient foreign exchange earnings to pay off the loans.
