Germany's Post-War Crisis
Germany emerged from WWI as a broken nation facing multiple disasters at once. The country was virtually bankrupt, owing enormous sums borrowed to fund the war effort, whilst also dealing with exhausted factories and costly war pensions that drained government resources.
The Treaty of Versailles imposed harsh penalties that made recovery even harder. Germany had to accept war guilt, maintain only a restricted army, give up all its colonies to the winning countries, and keep no German soldiers in the Rhineland. These terms left most Germans feeling humiliated and angry.
Economic problems reached crisis point by 1923 when German currency became worthless due to hyperinflation. People who had saved 1000 marks for their entire lives suddenly couldn't even buy bread with their life savings. Fixed pensions became meaningless, hitting elderly Germans particularly hard.
The Occupation of the Ruhr in 1923 made everything worse. When Germany couldn't pay reparations in 1922, French and Belgian forces marched 60,000 troops into this industrial region to take what they were owed by force. Most Germans blamed their own government for choosing to strike and print more money rather than cooperate.
Key Point: By 1923, Germany was experiencing its worst crisis since WWI, with hyperinflation destroying people's savings and foreign troops occupying German territory.