How was Germany able to experience a period of prosperity between 1942 and 1929

History

1 answer:

sdas [7]3 years ago

4 0

Answer:

Explanation:

Hitler appointed Hjalmar Schacht as President of the Reichsbank in 1933 and Minister of Economics in 1934. He created a bunch of public works programs which were supported by deficit spending. But then Hjalmar Schacht created a scheme for deficit financing, so capital projects were paid for with the issuance of promissory notes called "Mefo bills" and because "Mefo bills" wasn't Germany's official currency so it didn't show on their federal budget. But then that fell through, and the government basically made banks buy federal bonds so the German government could pay back the "Mefo bills". But Schacht achieved a rapid decline in the unemployment rate, the largest of any country during the Great Depression because of his public works and by 1938, unemployment was basically non-extinct.

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