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Quote "This book is about one of the most important events of modern times; the German financial crisis of 1931. In the summer of that year, parts of the German banking system collapsed, the government stopped servicing some of its foreign debts, and the free convertibility of the German currency was abruptly suspended. These shocks triggered a global liquidity crisis, the destruction of the gold-based international monetary system, and a severe bank-ing crisis in the United States, turning the worldwide recession into a depression. The German financial crisis of 1931 also had devastating political consequences, undermining the established democratic parties and enabling Hitler’s rise to power."
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"This book is about one of the most important events of modern times; the German financial crisis of 1931.
In the summer of that year, parts of the German banking system collapsed, the government stopped servicing some of its foreign debts, and the free convertibility of the German currency was abruptly suspended. These shocks triggered a global liquidity crisis, the destruction of the gold-based international monetary system, and a severe bank-ing crisis in the United States, turning the worldwide recession into a depression. The German financial crisis of 1931 also had devastating political consequences, undermining the established democratic parties and enabling Hitler’s rise to power." Quote "This book is about one of the most important events of modern times; the German financial crisis of 1931. In the summer of that year, parts of the German banking system collapsed, the government stopped servicing some of its foreign debts, and the free convertibility of the German currency was abruptly suspended. These shocks triggered a global liquidity crisis, the destruction of the gold-based international monetary system, and a severe bank-ing crisis in the United States, turning the worldwide recession into a depression. The German financial crisis of 1931 also had devastating political consequences, undermining the established democratic parties and enabling Hitler’s rise to power."
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