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Heinrich Brüning, "“No More Reparations": Address to the National Party Committee of the German Center Party (November 5, 1931)

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[ . . . ]

Who is capable of assessing this view of the world in its entirety and in terms of its important aspects, a view of the world that has been evolving for the past year and changes like a kaleidoscope from day to day? Now, more than ever before, the German people have an interest in keeping their currency stable.

When the pound was taken off the gold standard, many people thought we would also have to chart a reckless course and decouple the mark from gold. I will fight to the end against taking inflationary measures of any kind.

(Loud applause)

And not only for reasons of fairness, not only to defend the weak, but also because I believe that despite all the bitterness, we must once again create an honest balance sheet for the Germany economy


and that every attempt and request for inflationary measures may ultimately have the goal of destroying this process of creating a clear balance sheet for the entire German economy and again conceal the mistakes of the past.

(Enthusiastic approval)

[ . . . ]

I have repeatedly stated that our work must be marked by clarity and truth, in both the public and private sectors, and that there is no way to avoid this clarity since all successes in foreign policy can be achieved more quickly if we refrain from concealment—for which there is no reason—and we honestly and clearly present the balance sheet of German finances and the German economy for everyone in the world to see. This is the strongest and most effective weapon that the national government could have, and forging it was one of the tasks the government pursued during its first year in office.

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