{"id":1451,"date":"2023-01-11T08:30:00","date_gmt":"2023-01-11T07:30:00","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=1451"},"modified":"2023-01-11T16:52:04","modified_gmt":"2023-01-11T15:52:04","slug":"hyperinflation-allemagne-explications","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/hyperinflation-allemagne-explications\/","title":{"rendered":"Comprendre l&rsquo;hyperinflation d&rsquo;apr\u00e8s-guerre en Allemagne"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Au lendemain de la Premi\u00e8re Guerre mondiale, le contexte \u00e9conomique d\u00e9sastreux est propice \u00e0 l\u2019\u00e9mergence d\u2019une inflation qui \u00e9chappera bien vite au pouvoir allemand en place. Quels sont les \u00e9l\u00e9ments qui ont mis le feu aux poudres ? Quelles solutions ont \u00e9t\u00e9 trouv\u00e9es pour contrecarrer l\u2019hyperinflation allemande ? Quels enseignements tirer de cette crise historique ? <\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Un contexte \u00e9conomique allemand propice \u00e0 l\u2019inflation<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Le lendemain de la Premi\u00e8re Guerre mondiale<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La situation germanique au lendemain de la Premi\u00e8re Guerre mondiale est terrible. Entre les millions de morts \u00e0 d\u00e9plorer, les pertes \u00e9conomiques et mat\u00e9rielles,&nbsp; et le trait\u00e9 de Versailles qui fait de l\u2019Allemagne le grand perdant (et responsable) de la guerre, tous les indicateurs sont au rouge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Qualifi\u00e9 de \u00ab diktat \u00bb par le peuple allemand, le trait\u00e9 impose plusieurs r\u00e8gles v\u00e9cues comme des injustices par les Allemands :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>la r\u00e9duction du territoire<\/strong> (r\u00e9tablissement de l\u2019Alsace-Lorraine \u00e0 la France, r\u00e9attribution d\u2019une autre partie du territoire \u00e0 la Pologne, confiscation de l\u2019empire colonial) ;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>l\u2019obligation de prendre en charge financi\u00e8rement les r\u00e9parations<\/strong> des d\u00e9g\u00e2ts caus\u00e9s par les affrontements.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Au c\u0153ur d\u2019une p\u00e9riode que l\u2019Histoire appellera pourtant les \u00ab Roaring twenties \u00bb (les ann\u00e9es 20 rugissantes), l\u2019Allemagne est au plus mal \u00e9conomiquement et se souviendra de 1923, ann\u00e9e o\u00f9 l\u2019\u00e9pisode d\u2019hyperinflation a connu son apog\u00e9e, comme l\u2019ann\u00e9e des crises (\u00ab das Krisenjahr \u00bb). Cette crise \u00e9conomique se prolongera jusqu\u2019en 1924.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les causes de l\u2019hyperinflation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 ce contexte catastrophique, c\u2019est bien une seule d\u00e9cision politique qui a mis le feu aux poudres : celle de <strong>\u00ab faire marcher la planche \u00e0 billets \u00bb<\/strong>. Pour faire face \u00e0 toutes les probl\u00e9matiques cit\u00e9es pr\u00e9c\u00e9demment, le gouvernement en place d\u00e9cide d\u2019augmenter consid\u00e9rablement la masse mon\u00e9taire, et ce, de fa\u00e7on compl\u00e8tement d\u00e9corr\u00e9l\u00e9e de la production de valeur (biens et services) r\u00e9elle du pays.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les imp\u00f4ts, rejet\u00e9s par la population, ne suffisent pas \u00e0 couvrir les r\u00e9parations. D\u00e9penses sociales et services publics sont tous deux financ\u00e9s par l\u2019\u00e9mission mon\u00e9taire : <strong>l\u2019Allemagne conna\u00eet alors une inflation galopante<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En 1922 (comme le souligne la <a href=\"https:\/\/www.loretlargent.info\/economie\/comprendre-inflation\/\">th\u00e9orie classique de l\u2019inflation<\/a>), les investisseurs vont bien vite se rendre compte de l\u2019\u00e9cart entre la profusion de marks allemands et la richesse r\u00e9elle du pays. En cons\u00e9quence, <strong>ces derniers s\u2019empressent de revendre leur monnaie<\/strong> contre une devise plus stable, augmentant encore la masse mon\u00e9taire sur le territoire germanique.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 ce stade-l\u00e0, l\u2019inflation se transforme en hyperinflation et vient sanctionner la devise, qui verra sa valeur fondre comme neige au soleil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u2019autres \u00e9v\u00e9nements comme <strong>l\u2019occupation du bassin minier de la Ruhr<\/strong> par la France en 1923 (comme sanction inflig\u00e9e \u00e0 l\u2019Allemagne pour refus de financer les r\u00e9parations) vont pousser les ouvriers et le patronat \u00e0 faire gr\u00e8ve en signe de protestation. Le gouvernement allemand redoublera alors d\u2019\u00e9missions mon\u00e9taires pour soutenir ce mouvement, creusant encore davantage le gouffre entre masse mon\u00e9taire et richesse r\u00e9elle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les cons\u00e9quences de l\u2019hyperinflation allemande<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Cons\u00e9quences mon\u00e9taires et \u00e9conomiques<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e9j\u00e0 pendant toute la Premi\u00e8re Guerre mondiale, l\u2019Allemagne subit (au m\u00eame titre que beaucoup d\u2019autres \u00c9tats impliqu\u00e9s) une inflation difficilement g\u00e9rable : 100 marks en 1913 en valaient 218 en 1918, puis 1 561 en 1920, au lendemain de la guerre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais \u00e0 partir de 1921, les choses d\u00e9rapent et l\u2019inflation annuelle est alors estim\u00e9e \u00e0 :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>60% en 1921 ;<\/li>\n\n\n\n<li>5 200% en 1922 ;<\/li>\n\n\n\n<li>16 580 000% en 1923.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pour donner un ordre de grandeur, <strong>un bien vendu \u00e0 un mark en 1922 \u00e9tait vendu \u00e0 165 800 marks l\u2019ann\u00e9e suivante<\/strong> ! Au 20 novembre 1923, un dollar valait 4 200 milliards de marks allemands\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au point o\u00f9 en est l\u2019\u00e9conomie germanique, le mark rev\u00eat une valeur bien inf\u00e9rieure \u00e0 celle du papier : cela explique pourquoi les m\u00e9nages pr\u00e9f\u00e8rent br\u00fbler leur argent dans l\u2019\u00e2tre de la chemin\u00e9e, plut\u00f4t que du bois ou du papier. Le mark sert davantage \u00e0 tapisser les murs et les fauteuils qu&rsquo;\u00e0 acheter des biens.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La monnaie allemande s\u2019effondre si vite que les m\u00e9nages cherchent \u00e0 s\u2019en d\u00e9barrasser au plus vite avant que celle-ci ne perde encore davantage de valeur. <strong>On parle alors de \u00ab hot money \u00bb<\/strong> (monnaie chaude) dans le sens o\u00f9 celle-ci br\u00fble les mains de son propri\u00e9taire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bon \u00e0 savoir :<\/strong> Dans ce contexte, les salari\u00e9s demandent \u00e0 \u00eatre pay\u00e9s deux fois par jour et le prix des repas change d\u2019une heure sur l\u2019autre !<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cons\u00e9quences politiques et sociales<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Impuissant face \u00e0 cette crise \u00e9conomique, le gouvernement perd toute cr\u00e9dibilit\u00e9. Avant que la R\u00e9publique de Weimar ne se mette en place, <strong>des initiatives s\u00e9paratistes fleurissent sur le territoire allemand<\/strong>. En Bavi\u00e8re et en Saxe la population se met en recherche d\u2019ind\u00e9pendance \u00e9conomique dans un climat de guerre civile. Le gouvernement en place intervient tant bien que mal \u00e0 coups de r\u00e9pression militaire et de n\u00e9gociation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le 9 novembre 1923, Munich, capitale de la Bavi\u00e8re, est le th\u00e9\u00e2tre d\u2019une tentative rat\u00e9e de putsch de la part d\u2019Hitler, entour\u00e9 de 3 000 militants du parti nazi. Ces derniers agissent lors d\u2019un discours port\u00e9 par les trois dirigeants qui composent le triumvirat \u00e9lu dans le land en question, devant plusieurs milliers d\u2019individus. Mis en \u00e9chec, Hitler est alors envoy\u00e9 en prison.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ce ph\u00e9nom\u00e8ne d\u2019hyperinflation voit \u00e9galement rena\u00eetre des initiatives de troc<\/strong>, notamment de la part des agriculteurs. En effet, ces derniers refusent d\u2019\u00eatre pay\u00e9s en mark allemand, d\u2019autant plus que la plupart d\u2019entre eux ne sont r\u00e9mun\u00e9r\u00e9s qu\u2019une fois par an.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9solution de l\u2019hyperinflation allemande<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Les solutions mises en place<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>En 1923, le docteur Hjalmar Schacht est nomm\u00e9 commissaire \u00e0 la monnaie de la nouvelle R\u00e9publique de Weimar<\/strong>. Il mettra en place certaines des solutions qui r\u00e9sorberont l\u2019hyperinflation en un temps record.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Introduite le 20 novembre 1923, <strong>la principale mesure consiste \u00e0 adopter une nouvelle monnaie transitoire<\/strong> gag\u00e9e sur l\u2019\u00e9conomie allemande (sans cours forc\u00e9) : le Rentenmark. La valeur de celle-ci reprend l\u2019ancienne valeur du mark de 1913, soit 1 000 milliards de marks actuels. Un dollar \u00e9quivaut alors \u00e0 4,2 Rentenmarks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cette devise sera ensuite remplac\u00e9e par le Reichsmark <\/strong>en date du 30 ao\u00fbt 1924, d\u00e9finie sur <a href=\"https:\/\/docs.google.com\/document\/d\/1-ihtOHVTkKItfiHktmTLkLcz4wniHjou\/edit\">l\u2019\u00e9talon-or<\/a> via le dollar am\u00e9ricain. Accompagn\u00e9e de mesures comme l\u2019interdiction adress\u00e9e aux agents priv\u00e9s d\u2019imprimer des billets et la limitation stricte des cr\u00e9dits bancaires (pour r\u00e9duire la <a href=\"https:\/\/www.loretlargent.info\/economie\/vitesse-circulation-monnaie\/\">vitesse de circulation de l\u2019argent<\/a>), la nouvelle devise retrouve la confiance des investisseurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En parall\u00e8le, le <strong>plan Dawes<\/strong> adopt\u00e9 en 1924 par le Royaume-Uni et les \u00c9tats-Unis :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>fixe un nouvel \u00e9ch\u00e9ancier pour le remboursement des r\u00e9parations ;<\/li>\n\n\n\n<li>reconstitue les r\u00e9serves allemandes via un pr\u00eat en capitaux ;<\/li>\n\n\n\n<li>ordonne l\u2019\u00e9vacuation de la Ruhr par la France.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 le fait que l\u2019inflation soit r\u00e9sorb\u00e9e, le cours \u00e9lev\u00e9 du Reichsmark entrave encore la croissance de l\u2019Allemagne.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les h\u00e9ritages et enseignements de l\u2019hyperinflation allemande<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019hyperinflation germanique aura laiss\u00e9 de nombreux \u00e9pargnants ruin\u00e9s, en plus d\u2019un traumatisme qu\u2019on juge encore aujourd\u2019hui pr\u00e9sent dans la m\u00e9moire collective allemande. En effet, <strong>le pays est r\u00e9put\u00e9 pour sa frilosit\u00e9 face \u00e0 l\u2019inflation <\/strong>et \u00e0 tout \u00e9largissement \u00ab facile \u00bb de la masse mon\u00e9taire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avec la crise des ann\u00e9es 1930, cette vision est d\u2019ailleurs \u00e0 l\u2019origine de l\u2019\u00e9cole allemande du n\u00e9olib\u00e9ralisme (aussi appel\u00e9e ordo-lib\u00e9ralisme) qui soutient un syst\u00e8me \u00e9conomique o\u00f9 la libre concurrence des prix est encadr\u00e9e et organis\u00e9e par l\u2019\u00c9tat.<br><strong>Ces principes font partie int\u00e9grante des fondamentaux \u00e9conomiques de l\u2019Union europ\u00e9enne<\/strong>. Tendance \u00e0 l\u2019aust\u00e9rit\u00e9, inflation limit\u00e9e \u00e0 2% par la Banque centrale europ\u00e9enne (BCE), concurrence libre\u2026 Autant de crit\u00e8res qui d\u00e9montrent aujourd\u2019hui encore l\u2019impact du traumatisme germanique sur la politique mon\u00e9taire europ\u00e9enne.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Au lendemain de la Premi\u00e8re Guerre mondiale, le contexte \u00e9conomique d\u00e9sastreux est propice \u00e0 l\u2019\u00e9mergence d\u2019une inflation qui \u00e9chappera bien vite au pouvoir allemand en place. Quels sont les \u00e9l\u00e9ments qui ont mis le feu aux poudres ? Quelles solutions ont \u00e9t\u00e9 trouv\u00e9es pour contrecarrer l\u2019hyperinflation allemande ? Quels enseignements tirer de cette crise historique [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":1453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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