only an offering of 1.5 billion Reichsmarks in government bonds, but also a further 350 million added at short notice by the cash-starved Finance Ministry.34 As one expert has put it: ‘After Munich . . . there appeared to be no end to the willingness of Germans to hold public debt . . .’35 But this was to prove short-lived. At the end of November, the Reichsbank’s efforts to float a fourth loan of 1.5 billion Reichsmarks suffered a spectacular failure. Almost a third of the new bonds failed to find a buyer.
