The hyperinflation in Germany during 1923 was one of the most severe instances of economic instability in the 20th century. It was caused by a combination of factors, including the heavy burden of war reparations, economic hardship, and government printing more money to pay debts. As a result, the value of the German mark plummeted, leading to spiraling prices and a loss of savings for ordinary Germans. This period of hyperinflation deeply affected the daily lives of millions of Germans and contributed to political instability.

Source A: Report from a German citizen, 1923

'Prices rose so rapidly that I could buy a loaf of bread in the morning and it would cost twice as much by the afternoon. Our savings became worthless almost overnight.' Provenance: Personal diary entry, August 1923.

During 1923, hyperinflation led to widespread hardship. People struggled to buy food, pay rent, or save money. Many used wheelbarrows of money to buy basic items, and some resorted to bartering. The middle class was particularly hard hit because their savings lost value overnight. The economic chaos contributed to political instability, with extremist groups gaining support.

Source B: Newspaper report, 1923

'Stores are empty, and prices change every hour. Families are starving because their savings are worthless. The economy is in chaos.' Provenance: German newspaper article, September 1923.

The hyperinflation crisis led to significant economic reforms, including the introduction of the Rentenmark to stabilize the currency. It also contributed to the rise of political extremism as many Germans blamed the government for the economic chaos. The experience of hyperinflation shaped economic policies in Germany for years to come.

Source C: Historian's view

'The hyperinflation of 1923 was a wake-up call for Germany. It demonstrated the dangers of uncontrolled money printing and led to reforms that aimed to restore stability.' Provenance: Modern historian's analysis