<P> German monetary economics was at that time heavily influenced by Chartalism and the German Historical School, which conditioned the way the hyperinflation was analyzed . </P> <P> John Maynard Keynes described the situation in The Economic Consequences of the Peace: "The inflationism of the currency systems of Europe has proceeded to extraordinary lengths . The various belligerent Governments, unable, or too timid or too short - sighted to secure from loans or taxes the resources they required, have printed notes for the balance ." </P> <P> It was during then that French and British economic experts began to claim that Germany deliberately destroyed its economy to avoid war reparations, but both governments had conflicting views on how to handle the situation . The French declared that Germany should keep paying reparations, but Britain sought to grant a moratorium to allow financial reconstruction . </P> <P> Reparations accounted for about a third of the German deficit from 1920 to 1923 and so were cited by the German government as one of the main causes of hyperinflation . Other causes cited included bankers and speculators (particularly foreign). Hyperinflation reached its peak by November 1923 but ended when a new currency (the Rentenmark) was introduced . To make way for the new currency, banks "turned the marks over to junk dealers by the ton" to be recycled as paper . </P>

Hyper-inflation periods such as german after world war i