property crash momentums started, page-5

I'll try again and see how i go

From

Dying of money
Lessons of the great German and American Inflation

by Jens O Parsson

“When the inflation was over, anyone who owed marks suddenly and magically owed nothing. This came about due to every contract or debt that called for payment in a fixed number of marks was paid off with that number of marks but they were worth next to nothing compared to what they had been worth when they had been borrowed or earned. Germany’s total prewar mortgage indebtedness alone, for example, equal to 40 billion marks or one-sixth of the total german wealth, was worth less than one American cent after the inflation. On the other side, of coarse, everyone who had owned marks or mark wealth such as bank accounts, savings, insurance, bonds, notes, or any sort of contractual right to money suddenly and magically owned nothing.”

“The largest gainer by far, because it was the largest debtor, was the Reich government. The inflation relieved it of its entire crushing debt which represented the cost of war, reconstruction, reparations and its deficit financed boom.”