Somewhat surprisingly, after the London conference ended without a result, the currency situation in Germany improved visibly after initially having to overcome a new upheaval.
Even if only to a modest extent up to now, the market value has risen somewhat, without any drastic change in trend being discernible to this day.
But the development of the last few months and years has taught us modesty in our currency expectations, so that the line of currency movement determined in the last few days can at least be perceived as a relief.
A relief from the heavy sorrow
These concerns were of a very serious social and domestic political nature, far beyond the purely monetary area. It suffices to point out how severely a repeated collapse of the market in these critical winter months, full of outrageous inflation and growing work difficulties, would have to burden the general situation in our fatherland.
However, the slight improvement in the market currency over the past few days is not based on a very solid foundation.
It was prompted first by a technical factor, by the hope, now nourished again as a result of new reports from the United States, that after all, significant German private dollar deposits would become available to the owners in the not too distant future and that from this source the open market in Germany a certain and, as has been suggested,
The point in time at which these hopes will be realized remains to be seen.
By then, the general situation in Europe could very easily show a rash again in an unfavorable direction, also for the market currency.
First of all, however - and this supported the improvement in the trend of the mark currency - the immediate consequence of the breakdown of the London negotiations was a clear contradiction, by no means limited to Europe, to a continuation of the French policy of violence, at least in terms of its major goals in the Ruhr area and Rhineland, which was caused by the now officially announced reactivation of American policy in relation to European affairs.
This now somewhat more accentuated shift in international politics benefited market value.
But it would be a mistake to indulge in any optimism.
It will be difficult for the diverging forces trying to solve the problem of reparations and indebtedness to unite on a common line, and the question may be judged with some, certainly not unjustified skepticism as to whether the vital interests of the German economy are also on this line and the German currency are preserved.