"Poincaré, the strongest figure who succeeded Clemenceau, attempted to make an independent Rhineland under the patronage and control of France. This had no chance of success. He did not hesitate to try to enforce reparations on Germany by the invasion of the Ruhr. This certainly imposed compliance with the Treaties on Germany; but it was severely condemned by British and American opinion. As a result of the general financial and political disorganisation of Germany, together with reparation payments during the years 1919 to 1923, the mark rapidly collapsed. The rage aroused in Germany by the French occupation of the Ruhr led to a vast, reckless printing of paper notes with the deliberate object of destroying the whole basis of the currency. In the final stages of the inflation the mark stood at forty-three million millions to the pound sterling. The social and economic consequences of this inflation were deadly and far-reaching. The savings of the middle classes were wiped out, and a natural following was thus provided for the banners of National Socialism. The whole structure of German industry was distorted by the growth of mushroom trusts. The entire working capital of the country disappeared. The internal national debt and the debt of industry in the form of fixed capital charges and mortgages were, of course, simultaneously liquidated or repudiated. But this was no compensation for the loss of working capital. All led directly to the large-scale borrowings of a bankrupt nation abroad which were the feature of ensuing years. German sufferings and bitterness marched forward together – as they do today... ...A rift opened between Lloyd George and Poincaré, whose bristling personality hampered his firm and far-sighted policies."