Forward from: Debunking Zoomer Historian
ZH continues to assert that Poland prepared an invasion of Germany in 1933, which is untrue and has already been debunked.
https://t.me/DebunkingZoomerHistorian/18
The following excerpt from the work of historian Richard J. Evans makes it abundantly evident that the economy of Nazi Germany was structured so that the "debts would be paid by territorial expansion in the near enough future."
"Hjalmar Schacht may not have been a rabble-rousing apostle of violence, but he had certainly become enough of a radical nationalist to approve wholeheartedly of the regime’s primary aim of rearming Germany at maximum speed. By the end of May 1933 he had come up with an ingenious scheme for DEFICIT FINANCING. A Metallurgical Research Institute (Metallurgisches Forschungsinstitut), set up by four big companies with a capital of a million Reichsmarks, was authorized to issue so-called ‘Mefo bills’, which were guaranteed by the state and discounted by the Reichsbank. The bank in turn simply met the bills presented to it by printing banknotes. Fifty percent of arms purchases by the military were made in these bills between 1934 and 1936. Since the Reichsbank covered the bills by printing money, the notes in circulation increased by 6,000 million by the end of March 1938, by which time about 12,000 million Mefo bills had been spent. Schacht was already worried about the inflationary effects of these measures, and he stopped the issue of Mefo bills in 1937, after which point tax vouchers and non-interest-bearing treasury notes were used instead. In the meantime, gross Reich debt had spiralled almost out of control. But neither Hitler nor his economic managers considered this very important. For deficit financing was only a short-term measure in their view; the debts would be paid by territorial expansion in the near enough future. And besides rapid rearmament, Hitler was busily taking other steps to ensure that this would not only be possible but would also, as he saw it, bring the maximum economic benefit."
~ The Third Reich in Power, Richard J. Evans
https://t.me/DebunkingZoomerHistorian/18
The following excerpt from the work of historian Richard J. Evans makes it abundantly evident that the economy of Nazi Germany was structured so that the "debts would be paid by territorial expansion in the near enough future."
"Hjalmar Schacht may not have been a rabble-rousing apostle of violence, but he had certainly become enough of a radical nationalist to approve wholeheartedly of the regime’s primary aim of rearming Germany at maximum speed. By the end of May 1933 he had come up with an ingenious scheme for DEFICIT FINANCING. A Metallurgical Research Institute (Metallurgisches Forschungsinstitut), set up by four big companies with a capital of a million Reichsmarks, was authorized to issue so-called ‘Mefo bills’, which were guaranteed by the state and discounted by the Reichsbank. The bank in turn simply met the bills presented to it by printing banknotes. Fifty percent of arms purchases by the military were made in these bills between 1934 and 1936. Since the Reichsbank covered the bills by printing money, the notes in circulation increased by 6,000 million by the end of March 1938, by which time about 12,000 million Mefo bills had been spent. Schacht was already worried about the inflationary effects of these measures, and he stopped the issue of Mefo bills in 1937, after which point tax vouchers and non-interest-bearing treasury notes were used instead. In the meantime, gross Reich debt had spiralled almost out of control. But neither Hitler nor his economic managers considered this very important. For deficit financing was only a short-term measure in their view; the debts would be paid by territorial expansion in the near enough future. And besides rapid rearmament, Hitler was busily taking other steps to ensure that this would not only be possible but would also, as he saw it, bring the maximum economic benefit."
~ The Third Reich in Power, Richard J. Evans