German fascism didn't actually rise during the hyperinflation of 1922-1923. Hitler's first attempt at power (the Beer Hall Putsch) failed miserably in November

German fascism didn't actually rise during the hyperinflation of 1922-1923. Hitler's first attempt at power (the Beer Hall Putsch) failed miserably in November 1923 just as hyperinflation was ending[9]. The Nazis only became a major political force years later during the DEFLATIONARY period of 1930-1933. Heinrich Brüning's government implemented brutal austerity in response to the Depression - slashing wages by 25%, quadrupling pension contributions, and cutting social spending by two-thirds[12]. This deflationary policy was economic malpractice that caused massive suffering. Recent research confirms that "localities that experienced larger declines in spending and higher rises in taxes had higher vote shares for the Nazi Party in each and every German federal election between 1930 and 1933"[11]. Each standard deviation increase in austerity severity correlated with a 2-5 percentage point increase in Nazi votes[11]. The political establishment's obsession with balancing budgets through austerity crushed the working and middle classes, creating mass unemployment (reaching 6 million by 1932)[9] and pushing desperate voters toward radical solutions. As Hjalmar Schacht warned in 1930: "if the German people are going to starve, there are going to be many more Hitlers"[11]. This history matters today. When elites respond to economic crisis with deflation and austerity that protects creditors while immiserating workers, they create the perfect conditions for fascism. The CEPR's conclusion is chilling: "too much harsh austerity can trigger social unrest and unintended political consequences"[11]. Sources [1] Hyperinflation Weimar – AGI - American-German Institute https://americangerman.institute/2023/12/hyperinflation-weimar/ https://americangerman.institute/2023/12/hyperinflation-weim... [2] Hyperinflation in the Weimar Republic - Wikipedia https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_R... [3] Hyperinflation - JohnDClare.net https://www.johndclare.net/Weimar_hyperinflation.htm https://www.johndclare.net/Weimar_hyperinflation.htm [4] Explain the effects of German hyperinflation? (6) - MyTutor https://www.mytutor.co.uk/answers/16259/GCSE/History/Explain-the-effects-of-German-hyperinflation-6/ https://www.mytutor.co.uk/answers/16259/GCSE/History/Explain... [5] Hyperinflation in the Weimar Republic | Description & Facts https://www.britannica.com/event/hyperinflation-in-the-Weimar-Republic https://www.britannica.com/event/hyperinflation-in-the-Weima... [6] The Rise of Fascism - Juno Beach Centre https://www.junobeach.org/canada-in-wwii/articles/the-rise-of-fascism/ https://www.junobeach.org/canada-in-wwii/articles/the-rise-o... [7] Political Extremism in the 1920s and 1930s: Do German Lessons ... https://www.cambridge.org/core/journals/journal-of-economic-history/article/political-extremism-in-the-1920s-and-1930s-do-german-lessons-generalize/0A2ACD66FBF33D2E51145E4FA95A9062 https://www.cambridge.org/core/journals/journal-of-economic-... [8] Interwar period - Wikipedia https://en.wikipedia.org/wiki/Interwar_period https://en.wikipedia.org/wiki/Interwar_period [9] The Weimar Republic: How Did it Allow Hitler's Rise to Power? https://www.thecollector.com/weimar-republic-hitler-rise-to-power/ https://www.thecollector.com/weimar-republic-hitler-rise-to-... [10] 10000 years of economy - Hyperinflation in Germany https://www.citeco.fr/10000-years-history-economics/industrial-revolutions/hyperinflation-in-germany https://www.citeco.fr/10000-years-history-economics/industri... [11] Fiscal austerity and the rise of the Nazis - CEPR https://cepr.org/voxeu/columns/fiscal-austerity-and-rise-nazis https://cepr.org/voxeu/columns/fiscal-austerity-and-rise-naz... [12] Divided they fell: the German left and the rise of Hitler https://isj.org.uk/divided-they-fell-the-german-left-and-the-rise-of-hitler/ https://isj.org.uk/divided-they-fell-the-german-left-and-the... [13] Economy of Nazi Germany - Wikipedia https://en.wikipedia.org/wiki/Economy_of_Nazi_Germany https://en.wikipedia.org/wiki/Economy_of_Nazi_Germany [14] [PDF] an assessment of german fascism as a mass movement in https://open.metu.edu.tr/bitstream/handle/11511/99803/Umut%20Devrim%20%C3%96zbideciler-Ph.D.%20Thesis.pdf https://open.metu.edu.tr/bitstream/handle/11511/99803/Umut%2... [15] Hyperinflation and the invasion of the Ruhr - The Holocaust Explained https://www.theholocaustexplained.org/the-nazi-rise-to-power/the-weimar-republic/invasion-of-the-ruhr/ https://www.theholocaustexplained.org/the-nazi-rise-to-power... [16] Commanding Heights : The German Hyperinflation, 1923 | on PBS https://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html https://www.pbs.org/wgbh/commandingheights/shared/minitext/e... [17] [PDF] Hyperinflation in the Weimar Republic - ResearchOnline@JCU https://researchonline.jcu.edu.au/21599/3/21599.pdf https://researchonline.jcu.edu.au/21599/3/21599.pdf [18] Hyperinflation in Germany, 1914–1923 - Mises Institute https://mises.org/mises-daily/hyperinflation-germany-1914-1923 https://mises.org/mises-daily/hyperinflation-germany-1914-19... 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