First of all, the infamous hyperinflation in 1920-1923, which erased the value of the German internal war debt. It erased savings of small thrifty savers, too.
More importantny, in 1931, an especially tough banking crisis struck Germany. If you think Great Depression was bad enough in America, then you should know it was worse yet in Germany. It opened the door for socialism and antisemitism. Boycott, sanctions, divestment, that was the beginning. War and Holocaust was the logical continuation of the grisly story.
Germany was pardoned much of her debt after the WWII, since the Western power needed a powerful new ally against the Soviet Union. Low debt has been the ground of West Germany's economic success for decades. Now, it's no longer low, but still manageable.
- Jews did not cause the Great War.
- They caused neither the 1923 hyperinflation nor the 1931 banking crisis.
- Yet they were blamed for all of the three.
- Socialism and antisemitism mix very well; and that poisonous mix is dangerous now as it was then.
- The present-day State of Israel is not to blame for the plight of Arab or Islamic countries.
Source: German Federal Archives