The inflation of 1923 was one of the most formative and momentous events in the history of the 20th century.

"Nothing has made the German people so bitter, so hateful, so ready for Hitler - this must be reminded again and again - as inflation," wrote Stefan Zweig in his memoirs.

"Because the war, murderous as it was, had at least provided hours of rejoicing with the ringing of bells and fanfares of victory.

And as an incurably military nation, Germany felt herself heightened in her pride by her temporary victories, while she felt herself merely soiled, cheated, and humiliated by inflation;

a whole generation has not forgotten and has not forgiven the German Republic for these years and preferred to call back its butchers.”

Gerald Braunberger

Editor.

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At a time when inflation has returned after a long absence, the events of the early 1920s draw particular attention, even if the conditions then and now differ in many respects.

Numerous books have been announced with a view to the hyperinflation that will soon be exactly 100 years ago;

some have already appeared.

The FAZ wants its readers to be able to share the time between October 1922 and the end of 1923 in an authentic way.

Starting today, Tuesday, we will make articles from the old Frankfurter Zeitung accessible on FAZ.NET.

The Frankfurter Zeitung, which appeared from 1856 to 1943, was considered the most respected German newspaper at the time;

she also received a great deal of attention abroad.

The first article deals with the question of the economic consequences of strong wage increases in times of high inflation, which was already hotly debated at the time.

For democracy

Anyone approaching the texts of that time may be surprised at first that the word "inflation" is hardly ever mentioned.

At that time, the term did not stand for a devaluation of money measured by a consumer price index, but for the growth of the money supply.

Also, the devaluation of the domestic currency was less measured by an index of consumer prices than by the development of the exchange rate against the dollar.

Also striking is the strong interweaving of the topic of currency devaluation with the foreign policy situation of the German Reich and here above all with the disputes about the reparations imposed on Germany in connection with the First World War.

Above all, the Frankfurter Zeitung took up the cause of standing up for democracy.

This attitude had brought them into sharp opposition to Bismarck and the alliance of heavy industry, East Elbian Junkers and Prussian militarism that shaped the Empire.

Editors were repeatedly imprisoned for their articles, which the authorities perceived as insubordinate.

After the defeat in World War I, the newspaper welcomed the Weimar Republic as a democratic state and defended it against its numerous enemies from left and right.

The newspaper had also drawn hostility, especially from nationalist circles, with its plea for the signing of the Treaty of Versailles.

The newspaper found the contract no less scandalous than other critics;

in assessing its economic consequences, their objections were similar to those of John Maynard Keynes in his famous book on the treaty and the criticism of overburdening Germany.