> My impression is that the Germans have been anti-debt ever since [1] led to some pretty catastrophic repercussions (culminating in WWII) Hyper-inflation occu

> My impression is that the Germans have been anti-debt ever since [1] led to some pretty catastrophic repercussions (culminating in WWII) Hyper-inflation occurred in the 1920s in Germany (and other countries in the same region, at the same time). In the 1930s, when Hitler managed to grab power after being appointed Chancellor, it was austerity that was in fashion: * https://en.wikipedia.org/wiki/Austerity:_The_History_of_a_Dangerous_Idea https://en.wikipedia.org/wiki/Austerity:_The_History_of_a_Da... * https://www.goodreads.com/book/show/13484866-austerity https://www.goodreads.com/book/show/13484866-austerity See also Imperial Japan. Debt had nothing to do with WW2. In fact, deficit spending in (e.g.) the US helped to reduce unemployment and get the economy going again: it was premature monetary and fiscal tightening in 1936-37 that caused another economic dip. (So-called "sound money", i.e., the Gold Standard, also helped drive things from a stock market crash and economic slowdown into the Great Depression.)