Adam Tooze - French occupied the Ruhr, industrial heart of Germany, in 1923. Country descended into hyperinflation and poltical disorder.

- Gustav Stresemann competed with Hitler on the fate of the economy. Stresemann wanted to implement foreign policy of four year 'economic revisionism', and Hitler rejected the foundations of Weimar's foreign and economic policy.

- Dawes Comittee set up in 1924 to establish workable system through which Germany could pay reparations without jeopardizing its financial stability. Immediate reparations were reduced, full annuity of 2.5 billion goldmarks not to come into effect until 1928/29. J. P. Morgan mobilized enthusiastic vote of confidence from Wall Street, with loan of $100 million. Borrowing loads of money off America to pay Britain and France, who were using money to pay back America. As a result of Germany's hyperinflation, America were making handsome profits from Germany.

- Young Plan bound to disappoint. Germany now permitted to postpone transfer on the majority of its reparations, for a maximum of 2 years.

- 1928 onwards long term American lending began to fall. Smoot-Hawley tariff would make it harder for America's European debtors to earn the dollars they needed to service their obligations to Wall Street.

- Schacht was profiteer of hyperinflation, director of the Nationalbank. He did not like rational conception of German strategy and adopted a position of outright opposition to the Mueller government. So he used his contacts in Wall Street to sabotage an effort made by German government to raise a new American loan. Then in 1929 he published a report that was critical of the Young Plan and the entire financial strategy.

- 1930 Deflation was the only option as Young Plan was demanding payments of 2 billion reichsmarks and international capital markets were increasingly nervous about German borrowing.

- Collapse in world trade and gathering force of business cycle caused economy to crash-land. Capital flight stripped the Reichsbank of 1/3 of its reserves and forced interest rates to rise. Demand for foreign imports fell even more rapidly than German sales abroad.