In effect, Hitler’s government was declaring its independence from the implicit security guarantee that America had provided to the Weimar Republic since 1923–4. The break was at first only partial. In the face of creditor indignation, Hitler and Schacht shrank from forcing through a total moratorium. After the initial announcement they agreed to continue at least partial repayment. Meanwhile, German propaganda continued to pay lip-service to the need to preserve good relations with America. The moratorium, however, was a decisive first step and it was only logical that it should be coupled
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