Under the terms of the Treaty of Versailles, the Republic of France and the United Kingdom present a “bill” to the Weimar Republic of Germany for its responsibility in “having started” the Great War (World War I). The total payment Germany owes is 132 billion gold Deutschemarks (33 billion Dollars). This is twice Germany’s National Income (Gross National Product minus capital consumption allowances and indirect taxation). Because Germany is forbidden from engaging in foreign trade, it is forced to export all of its domestically held gold. Without free trade Germany is unable to earn any foreign gold to pay the assessed damages.
[added 6/20/2022]
Subsequent Events:
References:
Jack Weatherford, The History of Money: From Sandstone to Cyberspace, (New York: Three Rivers Press, 1997), 200-01.
Weimar and the Rise of Hitler Chapters 1 – 5
159.191.39.100/curry/Weimar_and_the_Rise1-5.html
Current U.s. National Debt:
