In order to combat runaway hyperinflation after World War I and the the subsequent occupation of the industrial Ruhr region by French and Belgian forces that caused a major slump in economic activity and an attendant drop in government tax revenues that the Weimar Republic tried to compensate for with 
quantitive easing (that is—printing more money), finance minister Hans Luther, working with the Reichsbank, introduced a new currency on this day in 1923 to replace the Papiermark. Money had become nearly worthless and subject to precipitous devaluation on a daily basis due to lack of gold and other stable assets to back it, and Luther, whose plans for reform were grounded on the economic principles espoused by Karl Helfferich who suggested floating, indexing monetary value on rye and other agricultural commodities, devised a mortgaged-mark not tied to produce and crop yields (the original idea rejected due to inherent instability) but rather to the land that produced them, backed by biannual payments on farmland and business properties. With the first notes issued on 1 November, one trillion Papiermark could be exchanged for one Rentenmark and the relatively successful transition provided the stability for a recovery in the national economy.
synchronoptica
one year ago: most popular Halloween candy by state according to AI, a UB40 classic from 1988, the cemetery of Old St Pancras plus a menu ร la carte
two years ago: assorted links to revisit, more unaired television pilots, Mouldy Old Dough plus dialling up the fright factor with AI
three years ago: more obscure and choice insults, a musical selection from Bronski Beat, more links to enjoy, Jack the Ripper’s From Hell letter, word nuance in cooking plus The Great Dictator (1940)
four years ago: high-energy cosmic rays
five years ago: a fun Star Trek musical mashup, more links plus discovering the convenience of public transport
