Ludwig Erhard and the German Economic Miracle

Overnight the black market disappeared.  And goods not seen for 10 years went on sale.

Berlin, 1947

Authorities put into place price controls; this generated hyper-inflation.

Black markets formed after the war in Germany.  “Nobody smoked cigarettes–they were for small transactions.  Cognac was a medium in circulation for large transactions.”

Deutsche mark was introduced to replace the worthless German, Reichsmark.

Ludwig Erhard 1118full-ludwig-erhard

Anti-Nazi Erhard decided against the rule of the American occupation to eliminate price controls.

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