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Was that the cause of war?
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Sep 3rd, 2011 at 04:42:51 AM EST
[ Parent ]
Proximate, or structural?

As I commented above, don't you think Japan's 1930's imperial adventures in Asia, Italy in Abisinia and Libya, and Germany from Poland to the BeNeLux and from Austria to Norway doesn't count as an imperialistic expansion?

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Sat Sep 3rd, 2011 at 04:49:52 AM EST
[ Parent ]
Japan and the Pacific theatre, I agree. Italy in Africa - I don't see how it was a cause of war. German expansion to the East was motivated by the revanchist spirit of post-Versailles, along with the intention of going West and settling matters with France.

But my point would be that it's not enough to point to imperial ventures as potential causes of war to say that under a Pax Romana, or rule of law of an all-embracing empire, there is more war, more destructive, more bloody, than between independent sovereigns in the absence of such rule of empire.

I hasten to add that I don't like American imperialism. But I don't believe in independent sovereigns as a "solution".

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Sep 3rd, 2011 at 05:02:34 AM EST
[ Parent ]
Inflation! </snark>

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Sep 5th, 2011 at 10:00:46 AM EST
[ Parent ]
As a result of hyperinflation, there were news accounts of individuals suffering from a compulsion called zero stroke, a condition where the person has a "desire to write endless rows of [zeros] and engage in computations more involved than the most difficult problems in logarithms."
You know, considering that hyperinflation ended in 1923, I am finding the folk-history causal connection between hyperinflation and invading Poland more tenuous by the day.
When the new currency, the Rentenmark, replaced the worthless Reichsbank marks on November 16, 1923 and 12 zeros were cut from prices, prices in the new currency remained stable. The German people regarded this stable currency as a miracle because they had heard such claims of stability before with the Notgeld (emergency money) that rapidly devalued as an additional source of inflation. The usual explanation was that the Rentenmarks were issued in a fixed amount and were backed by hard assets such as agricultural land and industrial assets, but what happened was more complex than that, as summarized in the following description.

...

After November 12, 1923, when Hjalmar Schacht became currency commissioner, the Reichsbank, the old central bank, was not allowed to discount any further government Treasury bills, which meant the corresponding issue of paper marks also ceased. Discounting of commercial trade bills was allowed and the amount of Rentenmarks expanded, but the issue was strictly controlled to conform to current commercial and government transactions. The new Rentenbank refused credit to the government and to speculators who were not able to borrow Rentenmarks, because Rentenmarks were not legal tender. When Reichsbank president Rudolf Havenstein died on November 20, 1923, Schacht was appointed president of the Reichsbank.

...

Eventually, some debts were reinstated to partially compensate those who had been creditors. A decree of 1925 reinstated some mortgages at 25% of face value in the new Reichsmark (effectively 25,000,000,000 times their value in old marks) if they had been held 5 years or more. Similarly some government bonds were reinstated at 2-1/2% of face - to be paid after reparations were paid.  Mortgage debt was reinstated at much higher percentages than government bonds. Reinstatement of some debts, combined with a resumption of effective taxation in a still-devastated economy, triggered a wave of corporate bankruptcies.



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 5th, 2011 at 10:13:42 AM EST
[ Parent ]
I am finding the folk-history causal connection between hyperinflation and invading Poland more tenuous by the day.

Hungary had even worse inflation in 1946. Was it only the lack of a common border that stopped them invading Poland?

by gk (gk (gk quattro due due sette @gmail.com)) on Mon Sep 5th, 2011 at 10:17:10 AM EST
[ Parent ]
Obviously. It's quite shameful to imply that invasions of Poland ever result from things such as, well, greed and general nastiness. No, trust me, it's about inflation every time.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Sep 5th, 2011 at 10:20:00 AM EST
[ Parent ]
Yeah, because suggesting that the Establishment Weimar Republic was full of immoral bastards like Kurt Schleicher who spent an entire decade after hyperiinflation ended plotting the subversion of democracy would be fanciful.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 5th, 2011 at 10:22:55 AM EST
[ Parent ]
The new Rentenbank refused credit to the government and to speculators who were not able to borrow Rentenmarks, because Rentenmarks were not legal tender.

In other words, they made Soros attacking the currency illegal.

Interesting.

Eventually, some debts were reinstated to partially compensate those who had been creditors. A decree of 1925 reinstated some mortgages at 25% of face value in the new Reichsmark (effectively 25,000,000,000 times their value in old marks) if they had been held 5 years or more. Similarly some government bonds were reinstated at 2-1/2% of face - to be paid after reparations were paid.  Mortgage debt was reinstated at much higher percentages than government bonds. Reinstatement of some debts, combined with a resumption of effective taxation in a still-devastated economy, triggered a wave of corporate bankruptcies.

Refusing to acknowledge the write-off of excess debt leads to a wave of bankruptcies.

Surprise, surprise.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Sep 5th, 2011 at 03:54:19 PM EST
[ Parent ]
The German people regarded this stable currency as a miracle  

Same in Serbia...We had inflation for quite a few years before but in 1993 we had killing hyperinflation. Then suddenly on 24 th January 1994 (same day when I left Serbia for NZ) New stable dinar was introduced. It looked like miracle...Then I realized that hyperinflation was "manmade"...

Science without religion is lame, religion without science is blind...Albert Einstein

by vbo on Mon Sep 5th, 2011 at 08:28:51 PM EST
[ Parent ]

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