How did Schacht’s MEFO Bills work? Were they inflationary or not?

In 1934, Reichsbank President Hjalmar Schacht introduced the MEFO bills scheme to fund the German government’s rearmament programme. There are various interpretations regarding this scheme, and there hasn’t been a decent explanation of how they worked. Some say they were inflationary, while others claim they were not. This video aims to clarify what the scheme was about, how it worked and whether the MEFO bills could be classed as inflationary or not. The link to the free PDF of Murray Rothbar’s “America’s Great Depression“ NOTE: Technically the cause of a recession or depression is the expansion of the currency supply AND the manipulation of interest rates. But I just said inflation caused it to keep things simple, since the inflation policy impacts interest rates. See my “What Causes a Recession or Depression?“ video for more details 🔔 Subscribe for more History c