At the end of World War I, Germans could hardly recognize their country. Up to 3 million Germans, including 15 percent of its men, had been killed. Germany had been forced to become a republic instead of a monarchy, and its citizens were humiliated by their nation’s bitter loss.
Even more humiliating were the terms of Germany’s surrender. World War I’s victors blamed Germany for beginning the war, committing horrific atrocities and upending European peace with secretive treaties. But most embarrassing of all was the punitive peace treaty Germany had been forced to sign.
The Treaty of Versailles didn’t just blame Germany for the war—it demanded financial restitution for the whole thing, to the tune of 132 billion gold marks, or more than $500 billion today.
How—and when—could Germany possibly pay its debt?
