1914 – 1 USD (gold backed) = 4.2 Marks (paper backed)
1918 – 1 USD = 8.9 Marks
1919 – 1 USD = 47 Marks
1920 – 1 USD = 60 Marks
1921 – 1 USD = 330 Marks
1922 – 1 USD = 8,000 Marks
1923 – 1 USD = 1,000,000,000 Marks
Towards the end, prices doubled exponentially on a daily basis.
Why? Because, unlike other countries that finance the war by raising taxes, the German Kaiser and Parliament decided without opposition to fund the war entirely by borrowing. And after the war, Germany mass-printed banknotes with which to pay reparation to other countries. There were other causes, including the Treaty of Versailles and the London Ultimatum, but baseless money, massive borrowing and mass banknote printing are the three main components to the financial disaster.
Sounds familiar? In 1971, the Nixon administration kicked gold from underneath the USD. In recent years, the Federal Bank mass-printed paper money ito the tune of $billion every day. By 2012, the national debt had burgeoned to $16.3 trillion; the trend is exponential – the largest annual addition to the outstanding public debt during the Nixon years was $30.9 billion; Ford $87.2 billion; Carter $81.2 billion; Reagan $302 billion; Bush Sr. $432 billion; Clinton $347 billion; Bush Jr. $1,017 billion; Obama – $1,885 billion.
Is it now America’s turn? Whether or not the situation will slip out of control is a matter for debate. Time will tell, and I doubt that it will take too long.
Anthony Marr, Founder and President
Heal Our Planet Earth (HOPE)
Global Anti-Hunting Coalition (GAHC)