WEBVTT

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The Great Depression, triggered by

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the stock market crash in New York in October 1929,

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was an economic event of global significance,

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of course, for Germany as well.

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German Chancellor Heinrich Brüning

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responded to the crisis with a rigorous austerity policy,

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and as a result became known as “hunger chancellor”.

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It is a popular topic of discussion among historians

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to what extent Brüning's deflationary policy was avoidable.

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Did he have the economic and political

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also contractual possibilities to borrow?

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Brüning coined the quote:

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“The situation of German finances are

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before the eyes of the world.”

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This is the strangest weapon

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at the administration's disposal.

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By this he meant precisely that

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Germany simply cannot service the reparation payments.

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In our “reality space”, we show Franz von Papen

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then having his successor sign

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the Treaty of Lausanne in July 1932,

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which means the end of reparations payments.

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Brüning himself was stopped 100 meters from the finish line,

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as he said, because the President of the Reich,

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Paul von Hindenburg, withdrew his confidence.

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Brüning’s governement resigned in May of 1932.

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Who benefited from the

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economic upswing later, from 1932 on?

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It was the National Socialists.