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shared by Javier E on 07 Nov 15 - No Cached

It’s now increasingly obvious that the Germans and Greeks are on completely different pages when it comes to moving forward together. And there’s a very specific group to blame: Nazis.
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The historic reference here is specific to the role debt played in the rise of the Nazi party after World War I.
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from 1924 to 1929, “the Weimar Republic lived on credit and even borrowed the money it needed for its World War I reparations payments from America.
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This created a credit bubble that burst when the stock market crashed in 1929. American dollars needed to pay bills were sucked out of Germany. Chancellor Heinrich Brüning raised taxes and slashed wages in an attempt to get his country back into the black, hoping this would get American money flowing again. It didn’t happen.
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Because of the demand for U.S. money, the German currency was worthless, and hyperinflation took hold. According to Marion Deshmukh, a German history expert at George Mason University, at the height of the German crisis, 4.2 trillion Reichsmark — yes, trillion — were worth one U.S. dollar.
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German banks began to fail in the summer of 1931. Adolf Hitler and his Nazi party, which had been on the German political scene for less than a decade, seized on the chaos
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Because of these experiences, Germans associate debt with their worst chapter. To this day, they avoid it at nearly all costs, Deshmukh said.
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