Mid November 1923, the Hyperinflation of the Weimar Republic reached its peak. Due to Germany's obligation to pay large reparations after World War I, a hyperinflation was induced reaching its peak in November 1923, when the American dollar was worth 4,210,500,000,000 German marks.
On June 5, 1883, British economist John Maynard Keynes, 1st Baron of Keynes, was born. His work and his ideas have fundamentally affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. He is one of the founders of modern macroeconomics and is widely considered the most influential economist of the 20th century.
In 1914, a business executive named Henry Ford did a startling thing:
He announced that he was going to more than double the wages he was paying his employees, from $2.34 to $5 a day--the equivalent of $120 a day in today's money.
The country was as shocked by this then as it would be today.