Word: reichsbanker
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Died. Rudolf E. A. Havenstein, 66, President since 1907 of the German Reichsbank, in Berlin, of heart failure. Director of the German War loans, he was popularly credited with a major share of responsibility for their success-as well as for the later decline of the mark...
...value of the mark sank to the incomprehensible figure of .00000001 ⅝% of one cent to one mark, or about 6,500,000,000 marks to the dollar. The actual number of marks in circulation according to the last weekend statement of the Reichsbank was 28,228,800,000,000,000 (twenty-eight quadrillions, two hundred and twenty-eight trillions, eight hundred billions). The cost of living in Berlin doubled in four days...
Geldwertmark or bodenmark, meaning " gold-value mark." The Reichsbank is to be the only source of issue for new paper currency that will probably be secured by 40% to 50% of gold coverage instead of the original legal one-third...
...Allies?France and Belgium?swooped down upon unsuspecting Germans at Essen, Recklinghausen, Dortmund and dragged away 1,700,000,000,000 marks. It did not matter; the Reichsbank has more than 1,182,038,536,000,000 more paper marks, and at the present rate they may even reach the impossible figure of a quintillion, i.e., 1,000,000,000,000,000,000 marks...
...events of the week tend to the conclusion that its definite decease can be dated at mid-September, 1923. In a single week, the amazing output of 389,000,000,000,000 of marks - or more than all outstanding marks put together- was seen. The discount rate of the Reichsbank stood at the unparalleled rate of 90%. Individual German States like Dantzig are seeking to establish new currencies of their own, and the Berlin government is frantically at work trying to invent some new gold-convertible currency for the nation...