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  April 19, 1931, a shipment of drug-laden German woolens aboard the USS Milwaukee docked at NY. Six days later papers reported it contained 3 tons of narcotics shipped in woolens from Hamburg in northern Germany. The situation mirrored the Bank of United States failure as 5 tons of morphine sat on the docks in a stakeout at the French liner Alesia. The graph shows German gold reserves and Young Plan reparations payments bonds crashing in value following the news. Bank of United States trials were all over the news that week as well .  Peter Temin, whose graph is above , is the same economist who pointed out the U.S. stock market began crashing the first week of September 1929. This was the week the League of Nations received planetary dope prohibition marching orders from its Opium Advisory Committee. In the above chart, failing bets on Germans paying war reparations coincide with the Nordwolle woolens bust, recover momentarily with the Moratorium on Brains and continue down...

  American papers and politicians made the Moratorium an anchor to draw attention away from the cocaine, marijuana, hashish, coca leaves and newfangled opiates limitation convention. Few suspected the USA produced more cocaine than its commercial rival Germany   Newspaper headlines for 03JULY1931 painted a grim picture of Germany.( link ) One-third of the workforce was jobless, clashes among police, communist and nationalsocialist agitators were breaking out everywhere. ( link ). France was making trouble, large banks were failing and German officials were again begging for a moratorium on loan and reparations payments, just as they had in March of 1922. Back then it was the looming Jones-Miller Act to ban all importation of heroin into the US . Government agencies and VA hospitals had already stopped buying the painkiller of which Germany was the leading producer.  The following year hyperinflation completely wrecked Germany's economy.( link ) But the 1931 situatio...

  1923's scary 3rd Party pumpkin on the left was Jew-baiting Prohibitionist Henry Ford!  The German economic collapse of 1923 is styled " The Great Disorder " by academics bound and determined to elide consideration of economic results of prohibition laws as Crimethink . This apparently sincere article follows the pattern, but presents economic data with such precision and clarity that adding the missing facts suffices to make it obvious that sumptuary prohibition laws wrecked both the German an U.S. economies more than once.( link )  The Collet-Fohlin paper hails from Geneva, home of the League of Nations mausoleum. The first Collet-Fohlin chart on p4, Early 20s Run-up to Hyperinflation shows no Financial/Monetary event . Here are a few omitted events heavily impacting Germany's trade and production .  On 02MAY--05MAY1921, between the 13 billion marks reparations bill and London ultimatum, the  Report of the Advisory Committee on Traffic in Opium  ...