The Golden Years
- September 1923 - he called off the 'passive resistance' in the Ruhr and promised to resume the payment of reparations.
- Under the guidance of Finance Minister Hans Luther, the government's expenditure was sharply cut in order to reduce the deficit. Over 700,000 public employees were sacked.
- He appointed leading financial expert Schact to oversee the introduction of a new German currency. In December 1923 the old German marks were replaced with a new stable currency the Rentenmark.
- He evoked some sympathy from the Allies for Germany because of the 'miracle of the Rentenmark' and his conciliatory policy. He therefore asked the Allies to hold an international conference to consider Germany's…