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Although it is not very popular now - after the economic boom came, the Nazi Party was relatively depressed - Hitler shook hands with each of his supporters very warmly, and only then got into a brand new red Mercedes-Benz 6 with Hersmann and Chloe. Then drive along Berlin's wide, well-groomed streets.

In another time and space, in 1928, Germany had already fallen into the Great Depression in advance because of the massive flow of money from Germany to the United States, which was actually a serious deflation, which was triggered by the loss of Germany's monetary sovereignty.

However, in this time and space, because of the Keynes Plan instead of the Dawes Plan, German money has not yet begun to flow to the United States, so the boom continues.

Yet, as Hitler said, Germany is still the object of brutal foreign exploitation! The prosperity has survived because international capital has not yet begun to "shear the sheep". As soon as they begin to withdraw, the German economy will immediately collapse...... This is because although Germany has a very strong industry, its monetary base is still fragile and is based on the pound standard. And the status of the pound itself is also facing a severe test in recent years.

"The British exchange system is about to fail, and now the money is flowing frantically from London to New York, and the UK is experiencing an unprecedented crisis." As he spoke, Hersmann looked out the car window at the bustling streets of Berlin.

Berlin before the Second World War was very beautiful, imposing and neat, without the English ghetto, and not as ornate as Paris. The people who live in the city. They are all very hardworking and capable, and as long as there is a little opportunity, they will create a prosperous and upward era.

The prosperity that began in 1924 was inseparable from the hard work of the German people, and German production was indeed growing. So the current prosperity is not all "false", in fact, there is not even a surplus - although the phenomenon of "blind investment" in German industry has been serious in recent years. Most of the factories have updated their equipment and increased their production capacity. But the production of coal was only slightly more than in 1913, and the production of crude steel did not exceed that of 1913 (which is certainly much better than in history). Although many automobiles, airplanes, motorcycles, tractors, as well as consumer goods such as cameras, radios, washing machines, and refrigerators are produced, the consumer goods market is still far from saturation. The vast majority of European households do not even have a single household appliance.

In fact, the Great Depression that began in the late twenties was caused by the failure of the gold standard of the currency. The essence of the Great Depression was a super-deflation, which, according to the Bolsheviks, was caused by the inability of the working class to pay for what they produced. But the problem remained unresolved in the decades that followed, but a depression of this magnitude never happened again. The reason is after the Great Depression in the 20s and 30s. Countries have abandoned the gold standard and can use the printing press to create demand.

Adolph. Hitler said with some dismay: "The French collapsed before 1927, and now it is the turn of England, and Germany will be the next target, and then the Jews will win, and the Europe of the Aryan nation will be finished!" ”

He gritted his teeth, "But the German people are still indulging in false prosperity, just waiting for their end!" ”

Between 1923 and 1926, the French also experienced a currency collapse crisis of lesser intensity than that of Germany. The ostensible cause was the Ruhr crisis - because of the passive resistance of the Germans. The Ruhr crisis also hit the French economy hard. The strike caused a shortage of coal supplies in France and disruptions to the Rhine and rail transport to the East. And the prospect of a French invasion of Germany. It has also led to the withdrawal of international funds from France.

The withdrawal of international funds was certainly not in the form of the franc, which lost its status as a hard currency after the world war. As a result, France's gold reserves fell rapidly after the Ruhr crisis, and the Bank of France quickly lost its ability to resist and had to let the franc plummet.

However, what the French did not expect was that after the Ruhr problem was resolved, the fleeing funds did not return to France. Instead, they went to Germany! The reason is said to be that the Keynes Plan and Soviet orders made international capital optimistic about the German economy, but Hersmann and Hitler did not think so.

"The currency war continues!" Hersman nodded, "The franc is not willing to surrender, neither to the gold exchange nor to establish the gold standard with the help of the United States. Naturally, there is no choice but to depreciate sharply. This will at least increase the export competitiveness of the French domestic industry, so the French economy has improved somewhat.

And the current prosperity of our Germany, in addition to the contribution of the Soviet order, is due to the capitulation of the mark to the pound. Thanks to the UK's support, our products can be sold smoothly all over Europe. In exchange for the surrender, the gold and foreign exchange from the sale went to England, and all we got was a certificate of deposit from the Bank of England in the vaults of the Imperial Bank. However, this arrangement has allowed us to quickly restore our production capacity over the past few years.

But even with our support, the pound still does not seem to be able to beat the dollar...... Because after all, Britain's strength is too far behind that of the United States, and Britain owes too much debt to the United States. They made a mistake in the world war and owed dollars instead of pounds. Moreover, the exorbitant pricing of the pound also hurt British industrial production, leaving the British unable to achieve a surplus with the United States, even if they received our reparations. Therefore, in this currency war, Britain cannot be won by peaceful means. ”

The fact that Germany has been able to develop so well in recent years is inseparable from the protection of Britain. The main reason why the British shielded Germany, turned a blind eye to the many arms expansions of Germany and the Baltic republics, and blindly tolerated Germany and the Soviet Union, was that Germany surrendered to the Bank of England.

Now some of the benefits that Germany has reaped from Europe and the Soviet Union are secretly stored as raw materials, and most of them are turned into gold and sent to the Bank of England. It is this gold from Germany that gives the pound the capital to compete with the dollar, and the pound is able to maintain its strength.

But a strong pound is not good for the real economy of the United Kingdom! Because the overvaluation of the British pound has caused the price of British industrial goods to be high, and it is not competitive both internationally and domestically. Moreover, the British government stubbornly insisted on free trade routes, flooding the British market with cheap industrial goods from Germany and the United States.

The sluggish domestic industrial production in Britain naturally led to a high unemployment rate, and the British capitalists wanted to reduce the wages of their workers in order to reduce costs. As a result, in 1927 a nationwide wave of workers' strikes and protests led to turmoil in Britain.

The volatile situation has further shaken investors' confidence in the pound and the UK economy. Since 1927, the pound has faced a serious crisis.

"The British are too incompetent," Hitler snorted, "and with the support of our Germany, their gold exchange system is still not able to overwhelm the American gold standard...... Now, apart from Germany and the Baltics, there are very few countries that have pegged their currencies to the pound, and even the British own dominions, Canada and Australia, are beginning to waver and prepare for the gold standard. ”

"Against an opponent like the dollar, Britain has to unite the whole of Europe to win." "It's a pity that the British never wanted to unite Europe," said Hersman, "whose thinking for centuries has been to mess up the continent." ”

Britain is a-stirring stick for Europe, unwilling to unite Europe at any time, even if it is achieved under British leadership. In the later generations of the Greater European Union, the role of the British was a negative number. Now, in the 1920s, the British had not considered bringing Europe together to deal with the threat from the United States and the Soviet Union.

"The rising stock market in the United States and the struggles of British workers, as well as the shaking of the Commonwealth Dominions such as Canada and Australia, are actually part of a currency war." Hersmann peddled his ideas to Hitler "with the aim of getting gold out of England and into America...... Even with our help, Britain hasn't saved much gold in the last few years, so their debt to the United States hasn't decreased much. ”

Since Britain is not capable of uniting the whole of Europe, it naturally cannot put much pressure on the United States on the issue of "war debts". Not much of the reparations obtained through the "Keynes Plan" were sold in the United States, but were sold in Europe nearby, and the gold obtained was used to pay off the "war debt".

But the main reason for the maintenance of this debt-servicing pattern was the continuous and large inflow of American capital into European countries between 1923 and 1927 to buy bonds and direct investments.

In other words, there is a cycle on both sides of the Atlantic: American gold flows into European countries for investment -- gold from European countries flows into Britain, France, Belgium and other countries through the purchase of "reparations" and trade with Germany, and Britain, France, Belgium and other countries return this gold to the United States.

With such a model, the amount of gold that Europe as a whole owes to the United States is not decreasing, but is growing cumulatively. And the economies of countries such as Germany, Italy, Belgium, Czechoslovakia, Austria, Poland, etc., which rely on gold borrowed from the United States, have recovered in the past few years.

But by 1927, the situation was in turmoil due to massive workers' protests in Britain, while the US economy was doing well and the stock market was rising. As a result, European money (gold) began to flow frantically to the United States, and the pound was facing a huge crisis.

And because of the "gold exchange" system, the mark is a currency pegged to the pound, and the collapse of the pound also means that the mark collapses together. Therefore, the crisis in Britain will soon spread to Germany......

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