... Germany didn't have an austerity program after ww1.
... it's true that the people suffered between 1918 and about 1928, but that was because the government massively devalued it's currency to flip the bird at the countries that wanted them to pay reparations...
I have problems with this statement because the German war debt was figured in Gold Reich Marks. The worst of the German WWI economic upheaval was over by 1925, however in 1929 the German economy got much worse with the Wall Street Crash.
... germany had plenty of money because we gave it to them. of course, they defaulted on the bonds and never paid them back...
Untrue, while Hitler did repudiate the 1919 Paris Peace Treaty to End All Peace, the final Germany war reparation debt as negotiated by the Allies was (as far as I am aware) paid in full by Germany. Where do you think England got the money to pay back J P Morgan or France got the money to repay Great Britain?
It was T. Woodrow Wilson and his handlers who drug us kicking and screaming into WWI. The Brits and French took it out of Germany’s hide. J P Morgan loaned it to Germany and the Germans use it to pay off the war debt owed to the Brits and French. The Brits and French returned this money to us for repayment of their war bond debts.
The following link comes directly from a branch of the Federal Government controlled by Hillary H. Clinton, so you know it must be true.http://history.state.gov/milestones/1921-1936/Dawes
"In late 1923, with the European powers stalemated over German reparations, the Reparation Commission struck a committee to review the situation. Headed by Chicago banker Charles G. Dawes, the committee presented its proposal in April 1924. Under the Dawes Plan, Germany's ANNUAL reparation payments would be reduced, increasing over time as its economy improved; the full amount to be paid, however, was left undetermined. Economic policy making in Berlin would be reorganized under FOREIGN supervision and a new currency, the Reich mark, adopted. France and Belgium would evacuate the Ruhr and foreign banks would loan the German government $200 million* to help encourage economic stabilization. American financier J. P. Morgan floated the loan on the U.S. market, which was quickly oversubscribed. Over the next four years, U.S. banks continued to lend Germany enough money to enable it to meet its reparation payments to countries such as France and the United Kingdom. These countries, in turn, used their reparation payments from Germany to service their war debts to the United States....."
Hey, its an ill wind that don’t blow some good to someone.
[* 16,000,000,000,000,000,000,000,000 (I think) new Reichmarks.]
... quote]... Give me one example where a country successfully grew their economy out of debt with an austerity program? Yeah, it sounds good in theory, but it just doesn’t work in practice. What usually happens in practice is just the opposite of what you want.
Its true!!! I can’t name one.
After the Great War :roll: Germany kept all her domestic spending programs in effect on June 27, 1914, the day the Arch Duke of Austria was assassinated. Germany did not institute an austerity program of any kind. These unfunded mandates or domestic spending programs are what fueled Germany's Hyper Inflation. This is what devastated the German Middle Class and ultimately led to WWll only 20 years after the 1919 Paris Peace Treaty to End All Peace was adopted. World War Two never happened. There was just a 20 year armistice in the Great :roll: War between 1919 and 1939. Everything happing in the world today is a direct outgrowth of the Great :roll: War. (1914-1945)
... government spending never ends debt or depression. government austerity does. there is no way to grow and economy though government spending because to spend, the government must take money out of the economy first.
no argument from me on this one kathyp. http://history.state.gov/milestones/1921-1936/Dawes
In the autumn of 1928, another committee of experts was formed, this one to devise a final settlement of the German reparations problem… The Dawes committee, proposed a plan that reduced the total amount of reparations demanded of Germany to 121 billion gold marks… payable over 58 years…
…The advent of the Great Depression doomed the Young Plan… Loans from U.S. banks had helped prop up the German economy until 1928; when these loans dried up, Germany's economy floundered. In 1931... a one-year moratorium on all debt and reparation payments was declared at the behest of President Herbert Hoover… At the Lausanne Conference in 1932, European nations agreed to cancel their reparation claims against Germany, save for a final payment. http://www.nzherald.co.nz/world/news/article.cfm?c_id=2&objectid=10677121“Germany marks the end of an era this Sunday [September 30, 2010] when, 92 years after the end of hostilities, it will make the last of its First World War reparations payments that once provoked a wave of resentment strong enough to sweep Adolf Hitler to power….”