GERMANY: No Internal Debt*

The German Government decreed that the payment of principal or interest on public debts was suspended indefinitely, "at least, until all reparation payments have been made." Thus the internal debt, already greatly reduced since the War, is virtually wiped out.

The same Government ordinance provided that all private bonds and mortgages rendered virtually worthless by the paper mark depreciation, be restored to 10% of their original gold value. This 10% (i. e. ten cents on the original dollar) is in turn subject to a 2% "inflation tax" payable to the Reich.

The...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!