With his nation occupied by foreign military powers, rampant inflation and food shortages, Finance Minister Ludwig Erhard, of the western (allied occupied) zone of Germany—against the wishes of the allies—repeals all wage and price controls. Erhard makes this announcement on a Sunday, for fear of being overruled by the allies. “From now on your only ration coupon is the Deutschemark.”
Postscript: The resulting “German Economic Miracle,” saw the repair of all war damage in West Germany within five years. Within fifteen years West Germany’s per capita Gross National Product had surpassed both France and the United Kingdom. And during the 1960s and ‘70s, West Germany’s GNP quadrupled.
[added 8/27/2022]
Subsequent Events:
References:
Origins of the German “Economic Miracle”
www.libertyhaven.com/countriesandregions/germany/originsgerman.html
Don’t Confuse Germany’s Wealth with Present Policy
freespace.virgin.net/old.whig/praha03.htm
Current U.s. National Debt:
