1924 - 1929 The Golden Years

1924 - 1929 The Golden Years

1. Stressemann

   • Good speaker and administrator
   • Appointed chancellor to deal with hyperinflation
   • Lost support of Reichstag
   • Called off passive resistance in the Ruhr
   • Became foreign secretary

2. Successes

   • Introduced Dawes plan 1924
     • Included US loan of 800m gold marks
     • Germany borrowed $3000m from US banks
   • Introduced temporary currency called the Rentenmark
     • Could be exchanged for land or industry
     • Following year converted into Reichsmark
       • Restored value and reduced inflation
   • Improved relations with Britain and France
   • Ended passive resistance in the Ruhr
   • Signed Locarno Treaties of 1925
   • Awarded Nobel Peace Prize
   • Took Germany into league of nations
   • 1928 - Germany signed Kellog-Briand pact
   • Payments would start at £50m and increase to £150m over 5 year period

3. Failures

   • German nationalists didnt like Dawes plan
     • Gave Allies partial control over Germany's railways and the German state bank
   • German nationalists didnt like young plan
     • Against further payments of reparations