As I understand the Nazi's financed their war build up with a collection of promissory notes that the Nazi's planned to pay off from plunder during the war.
It was debt financing pushed to an extreme.
A similar thing happens when corporate raiders borrow huge amounts of money to finance leveraged buyouts.
A leveraged buyouts produce a spat of economic activity. It might even turn a few people into billionaires.
The corporate take overs generally leave the take over target stagnated.
Steemit experienced a corporate raid when Justin Sun acquired the platform in a leverage buyout.
There was a short spat of economic activity then stagnation.
The Nazi's promissory notes were based on war financing. The debt financing produced a huge amount of activity but it was financing a friggin' war. The promissory notes were to be repaid in theft and destruction.
While the financial system created a boom (a bubble in military build up) it led to stagnation and debt.
It was not a good financial system.
There are many examples of this type of financing. Spain became the strongest country on earth as it financed the conquest of South America. The boom was short lived.
The British had a company called the "South Sea Company" with a monopoly on trade. The government manufactured a short financial boom as the company sought economic dominion abroad. It burst in the South Sea Bubble.
This method of finance produces bubbles that are doomed to devolve into busts.
Good points (although I think mentioning cryptocurrencies in the same breath is a bit far-fetched).
Also, many Jewish Germans were businessmen, some in leading positions in the financial sector. There were many wealthy Jewish citizens.
What indescribably terrible things happened to these people even before (!) the start of the Second World War in 1939 is well known. Who do you think confiscated the financial resources and valuable belongings of these people who were killed in an indescribably cruel way, the victims of the Holocaust? Directly and unabashedly.
Fair enough, but who bought these promissory notes? Not Germans certainly, they had no money.
The promissory notes were exchanged among the businesses building the war machine.
It was a little bit like crypto. The promissory notes were essentially a ledger maintained by the war machine used the finance the war machine.
I suspect that they were planning on setting out with the plunder that would come from the war.
I still don't get it, you say they were gambling on money to be received. So what did they buy raw materials or pay wages with? Money did have to come from somewhere, and to me it means the German war machine was financed with outside money. I am no expert on this but that is what it seems to me.
Where does the value of Bitcoin come from?
BTC is an open ledger for a cryptocurrency. There is no treasury or real estate to back the currency. BTC is simply a ledger of transactions.
People are willing to engage in cryptocurrency because they trust the ledger.
Pre-war Germany was a in a terrible situation. The fiat currency was devalued. Industry had more faith in the promissory notes than they had in the currency.
The notes were still creating a bubble economy which probably hastened Germany's march to war.
There have been thousands of currency bubbles in history. It is foolish to call any of them miracles.
Most bubble economies suffer a bust after the boom.