Just outside Berlin, Tempelhof, which is under construction, has welcomed an aircraft like no other, with a corrugated aluminium casing and three 450 hp BW101 star-piston air-cooled engines, a spacious fuselage with 16 seats and luxurious-looking wood-grain décor.
The aircraft was the latest product to be introduced by the Junkers aircraft manufacturing company in the summer of 1923 and received the designation Junkers J23.
Because it is equipped with BW, this aircraft not only has strong horsepower and a maximum level flight speed of more than 220 kilometers per hour, but also has excellent economy.
Among the passenger aircraft of the same era, I am afraid that only the Fokker F5 passenger aircraft produced by FKBF United Company is a twin-engine 12-seater, which can compete with this Junkers J23.
Therefore, it is no surprise that Junkers and FKBF are the two leaders in the international civil aircraft market.
Even at a time when the German economy was nearly paralyzed by hyperinflation and the Ruhr problem, these two aircraft manufacturers still accounted for four-fifths of the European civil aircraft market.
The plane came to a steady stop at the end of a runway that had just been built, and the hatch of the cabin was lowered into a gangway to the ground.
The new German Finance Minister, Dr.
Schacht, first got out of the cabin, and then stepped off the plane by a middle-aged man in his forties, bald, with a big nose, thick lips, a mustache, and very attentive eyes.
Hersman, who stood at the bottom of the gangway to greet visitors, had seen photographs of this man long ago, and had heard of his name earlier.
He was John Maynard Keynes, a British economist.
On this occasion, he would replace the American banker Dawes as chairman of the International Committee of Experts to Save the German Economy and Currency, and since Britain and Italy withdrew from the Entente Reparations Commission at the same time, Belgium would follow later.
As a result, the Entente Reparations Commission, which was controlled by France, had ceased to exist in name only, and the newly established "International Commission of Experts" had in fact partially replaced the functions of the Entente Reparations Commission, which was also responsible for studying the German reparations.
With regard to the international expert committee composed of experts from seven countries, including Britain, the United States, Belgium, Italy, Japan, Greece, and Portugal, the newly inaugurated Hindenburg President Ludendorff became vice president and Chancellor Stresemann decided to set up a German expert committee.
And Hersmann, who had just been promoted to colonel, entered this expert committee as a representative of the German Wehrmacht.
Although not an economist, nor an official in charge of economic and monetary policy.
However, Hersmann was the real soul of the German expert committee, and the "principle of reimbursement in kind" that the German expert committee was going to recommend was formulated on the basis of Hersmann's proposal.
The so-called "principle of repayment in kind" means that Germany no longer uses gold, silver, and foreign exchange, which Germany does not have and cannot produce, to repay reparations, and the possibility of paying reparations with loans is completely blocked.
This method of circulating funds bypassing the real economy is even theoretically a lure to quench thirst.
Germany borrowed dollars or pounds at very high interest rates, and most of them were not put into production, but were immediately handed over to the victorious countries.
In the long run, it is the crisis in Germany that has magnified rather than narrowed.
Therefore, Hersmann insisted on repayment in kind, even if it was all in coal, which was more advantageous than paying the borrowed pounds and dollars, because in order to fulfill the obligation to repay in kind, Germany would have to increase the corresponding production capacity, and if it wanted to repay its debt with coal, Germany would have to invest heavily in coal mines; If industrial goods such as airplanes, ships and automobiles are to be repaid, then Germany will have to invest in increasing industrial capacity.
And these capacities, built to repay the reparations, were at the same time Germany's war potential Of course, paying off the debt entirely with coal is not the most advantageous option for Germany, which will only create the world's largest coal mining capacity.
And Hersmann also wants production capacity for planes, cars and ships.
In particular, aircraft factories and automobile factories are very easy to convert to military use.
However, after several contacts, Britain was always suspicious of Germany's request to export large quantities of aircraft and automobiles with the help of reparations.
So Hersmann abandoned the "foundry plan" and proposed that German car manufacturers and aircraft manufacturers produce products for their British, French, Belgian, and Italian counterparts, and at the same time open up their technology to them.
And it doesn't have to be sold in Britain, France, Belgium, and Belgium, but it can also be dumped in the United States, and Britain, France, Belgium and Italy all owe a lot of debts to the United States, and they owe a total of 10.34 billion US dollars, and it is still impossible to use gold.
And to repay in dollars, the United States would have to accept the dumping of European goods to a certain extent.
Otherwise, where can European countries find dollars and they can't brush them themselves, and asking Americans to borrow dollars will not be a big problem sooner or later, and it will be a very fatal problem Economists like Keynes can see it at a glance.
Borrowing heavily in dollars is depriving European countries of pricing power in their own currencies, and once the United States withdraws their money, European currencies will plummet, their economies will be in turmoil, and even regime change will occur.
In this case, European countries are bound to become more and more dependent on the United States.
Therefore, the method of borrowing new debt to pay off old debts is simply slow suicide, and absorbing American capital to repay debts will make the economies of European countries dependent on dollar capital.
Moreover, borrowing dollars and absorbing dollar capital will also allow the dollar to replace the pound sterling as the international reserve currency.
Therefore, when Keynes saw the specific plan proposed by the German expert committee, his eyes immediately lit up.
This is the real solution to the $10.34 billion debt once and for all: selling more than $10 billion worth of German cars, airplanes, and other things to the United States If the Americans insist on free trade, then there is no costly solution for Britain to dump goods at low prices.
If the Americans were to impose trade barriers, Britain could lead Europe and the United States to theorize between debt relief and German debt relief "We agree in principle with respect to the principle of reimbursement in kind and the European foundry program."
In a conference room at the Ministry of Foreign Affairs on William Street, Hersman finally heard what he wanted to hear most these days Keynes finally nodded, he was the most authoritative economist in Britain, and if he nodded, the British government would definitely nod as well.
"But we can't guarantee that France will support it."
Keynes's expression was very relaxed when he said this, because France is "schizophrenic", and their big right AI government has fallen into crisis, government crises are the most common in the French Third Republic, and soon it will be replaced by the talkative Left AI Madonna to come to power.
"If France is willing to support it, we will solve the current crisis by the following means," Keynes went on to state the conditions of the British government, "first of all, we must supervise the German central bank and the treasury."
The Reichsbank had to be separated from the government and turned into an independent central bank, with 50 percent of the decision-makers to be foreign experts.
Second, Germany issued a new mark pegged to the pound sterling, and the first reserves of the new mark were secured by borrowing from the Bank of England as collateral for a small amount of gold in the hands of the Reichsbank. £20 million worth of gold was exchanged for a £50 million loan.
With this 50 million pounds as a reserve, 1,020.6 billion new marks will be issued.
Thereafter, the issuance of new marks must also be carried out on the principle that the Reichsbank had as many pounds as it had in the Bank of England in order to be able to issue a corresponding number of marks Third, in order to restore industrial production in Germany, the British government will help Germany issue long-term bonds of up to 1 billion pounds, guaranteed by customs duties, monopoly taxes on tobacco, alcohol and sugar, railway revenues, and taxes on industrial and commercial enterprises.
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Fourth, Germany's total reparations should end up being less than 100 billion gold marks, and in sterling terms, about 4.9 billion pounds.
It must be repaid in kind, of which no less than 30 are coal and 70 are other industrial products, and the specific repayment plan is determined by Germany and Britain, France, Belgium, Italy and other countries through consultation.
Fifth, Germany began to pay reparations in 1926. £100 million worth of goods to be delivered in the first year of the payment of reparations, increasing year by year to £200 million in the fifth year" The currency wars are a bit long, but this paragraph is actually a real war.
Moreover, Rollo believes that the reason why Germany started World War II and the reason why it lost World War II was actually because of the fiasco of the currency war.
In addition, some later generations claimed that Germany had "borrowed" dollars from the United States in order to revive its industry.
This is actually a statement to discredit Sandezi and US imperialism.
The U.S. imperialists lent money to Germany not to finance the revival of Germany, but to seize the right to issue German currency, which had a very complete and leading industrial system at the time, and could have upgraded without the help of American loans, if Germany had the right to issue its own currency.
However, Germany lost the right to issue currency due to the crisis of the early 20s, and the mark was forced to peg itself to the dollar, relying on loans from the United States to guarantee the issuance of the currency.
The economic crisis that followed Germany after 1927 and Hitler's rise to power were all triggered by this.
Because after losing the right to issue currency, the Bundesbank is unable to stimulate the economy and defeat deflation by issuing additional money.
When the dollar flowed out of Germany, Germany could only face unbeatable deflation.
The inflation that Germany faced in the early 20s and the deflation it faced in the late 20s can be seen as currency wars.
After losing two currency wars, Germany actually lost most of the interwar period as well.
Preparations for war, of course, were very inadequate.
Moreover, after obtaining the right to issue world currency, the United States was already invincible in the economic war with Germany.
In a world war, the United States needs to import materials from neutral countries, just brush some paper.
Germany, on the other hand, has to pay real money or its equivalent for industrial goods.
Therefore, in order to change the outcome of World War II, the protagonist must start with the currency war during the interwar period, preserve and expand Germany's industrial advantage through "in-kind reparations", and then introduce the concept of the European Community and a common currency, so as to lay a good theoretical and public opinion basis for the later discovery of the euro.
It's a bit long, and the friends who can patiently read it must be Rollo's loyal readers, Rollo thanks everyone for their support, and has a thick face to ask for a first order on May 1, asking for a monthly pass.
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