Einstein was acutely aware, even more than the assimilationists, that anti-Semitism was not the result of rational causes. “In Germany today hatred of the Jews has taken on horrible expressions,” he wrote in early 1920. Part of the problem was that inflation was out of control. The German mark had been worth about 12 cents at the beginning of 1919, which was half of its value from before the war but still manageable. But by the beginning of 1920, the mark was worth a mere 2 cents, and collapsing further each month. In addition, the loss of the war had been humiliating. Germany had lost 6
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