Stresemann era 1924-29

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1. German Currency
   1. Rentenmark
      1. Set up by Stresemann to tackle hyperinflation.
      2. Rushed -untrustworthy
      3. Temporary -unstable
      4. Were trusted because if it failed, the government could exchange them for shares in German land/industry.
      5. 15 October 1923
   2. By August 1924 the Rentenmark was replaced by the Reichmark.
      1. Permanent -stable
      2. Controlled by Reichbank.
   3. Confidence and trust rose in currency and banking system from Germans and foreign countries.
   4. Deposits rose from 900,000,000 marks (1924) to 4,900,000,000 marks (1926).
2. The Dawes Plan [April 1924]
   1. Annual payments reduced to affordable levels
   2. American banks invested 800,000,000 marks in German industries. Germany got a loan from the US.
      1. Germany had a dept to the US. US could ask for money back at anytime.
   3. French left the Ruhr
      1. £££
      2. Coal output increased 75,000,000 tons 1924-29
   4. Extreme political parties hated Versailles and were angry that the Plan was signed
   5. Economy recovered
   6. Reassured Germans
3. The Kellogg-Briand Pact [August 1928]
   1. Signed by 65 countries
   2. Showed that Germany was a respectable member of the international community.
   3. International agreement which promised not to use war to achieve foreign policy aims.
   4. Reassured people
   5. Other countries might invade.
   6. Restricted it's ability to expand.
4. The Young Plan [August 1929]
   1. Cut reparations from £6.6 billion to £2 billion with 59 more years to pay.
      1. Germany was more able to pay.
      2. However still £50,000,000 per year -unfair
   2. Strengthened the Weimar Republic.
   3. More trust
   4. In late October 1929 there was a world economic crisis and Germany plunged into turmoil again.
   5. On October 3rd Stresemann died of heart attack.
5. The Locarno Pact [October 1925]
   1. Stresemann signed the Pact with France, Italy, Belgium and England.
   2. Allies removed troops from Rhineland
   3. Germany's entry to the League of Nations was agreed to be discussed
   4. Germany was treated more equally
   5. Not dictated by Versailles
   6. Lost land they worked hard to get from WW1
   7. Were allowed to attack other countries on east (eg. Poland)
6. Membership of the League of Nations [September 1926]
   1. Germany got a place at the League's Council.
   2. Treated more equally
   3. Trusted more.
   4. Not many listened to Germany -not fully trusted.
   5. Germany was inferior-weren't fully accepted.
   6. International relations.