July 1922: Reparations payments began in January 1921, to be made in cash & commodities; from the start, Weimar was behind on coal deliveries; the Reparation Commission would not accept fiat Papiermark, so the Germans printed ever more ℳ to purchase foreign currencies, fueling inflation; a June 1922 conference (organized by J. P. Morgan Jr.) failed; ℳ accelerated toward hyperinflation.
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