For Germany, 1923 was disastrous. The German mark, which had begun to slide two years earlier, went into free fall. In 1921 it dropped to 75 marks to the dollar; the next year to 400; and by early 1923 it plunged to 7,000. But this was only the beginning of sorrows. Germany was buckling under the pressure of meeting the payments stipulated by the Versailles Treaty. In 1922, unable to bear up any longer, the German government asked for a moratorium. The savvy French wouldn’t be taken in by this ruse and staunchly refused. But it was no ruse, and Germany soon defaulted. The French promptly
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