Like a thunderbolt, the world slump struck German economy amidships towards the end of 1929. The capitalist magnates of New York, London and Paris who had financed Germany’s industrial comeback, hastily called in whatever part of their loans they could lay their hands on. Thus the German crisis assumed even more disastrous proportions than that of other countries. Her industry had rehabilitated itself on foreign credit and when this credit vanished, the bottom fell out from Germany’s reservoir of production.