(3) As a result, German expenditures of foreign exchange for petroleum imports almost doubled during the first half of the Third Reich, from 129,800,000 Reichsmarks
(RM) in 1933 to 230,000,000 RM in 1939.
"Genusslich wirbt die ARD mit der Ruckkehr zur "100-Stunden-Woche' bei einem Wochenlohn von drei Reichsmark
Ropke's The Solution to the German Problem (1947) explained the folly of this policy and recommended abolishing controls and replacing the reichsmark
with a sound, trustworthy currency.
A Gestapo file dated that same month details the case of a Lower Franconia priest who expended considerable time, effort, and expense to provide pants for three Poles known to him.(36) He not only purchased the necessary cloth, he also placed an order with a tailor and even delivered the pants at a total cost of nineteen Reichsmark
, which he paid.
This is evident by the sensitivity of the foreign exchange markets to rumors that the dollar might be devalued.(16) Figures 1, 2, and 3 graph the daily dollar price of the pound, franc, and reichsmark
, respectively, from June 1, 1932, through March 3, 1933.
In 1936, the German Ufa signed Leander, a virtually unknown stage performer from Sweden with only scarce film experience, to an exclusive renewable three film contract that promised the future star compensation of 200,000 Reichsmark
, of which 53% were payable to her in Swedish Kroners.
At the turn of the century these cost 50 cents; Goldschmidt (1934) listed them at 1.20 Reichsmark
In June the Allies agreed that their zones could draft a constitution, and they replaced the Reichsmark
with the Deutchmark in the areas they controlled.
Pressure on Britain to restore the gold standard mounted in 1924 as membership in the dollar group waxed: Sweden restored the gold standard in March; Germany adhered to the dollar group after Dawes loans stabilized the Reichsmark
; Australia and South Africa, tired of waiting for Britain, decided independently to return to the gold standard.
In which country was the Reichsmark
the monetary unit?
In the months that followed, this rendered the Reichsmark
, a currency already in an inflationary spiral due to the effects of the war, essentially worthless.
11-12) states, "The Rentenmark was placed in circulation beside the devalued Reichsmark
and carried no real value of its own but the naked avowal that there would be only so many Rentenmarks and no more."