The obligations in this context were war reparations. Basically, Luther would permit issuing bonds to pay reparations, but not for counter-cyclical government i

The obligations in this context were war reparations. Basically, Luther would permit issuing bonds to pay reparations, but not for counter-cyclical government investment. Germany had been experiencing significant deflation when the Weimar Republican collapsed, which exacerbated unemployment. The rise of Hitler wasn't because of the infamous hyperinflation a decade earlier, it was because of overly fiscally conservative economists like Hans Luther. Ironically, I think Hans had just oversawn the issuance of bonds for the final traunch of war reparations repayments when he was ousted. The Americans (for a second time) had helped negotiate a settlement with France to minimize the devastating effect of reparations on Germany. I think this Atlantic series (part book shill) is trying to draw parallels with Trump's administration. But it's doing so clumsily, twisting history to make a point.