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RE: German Miracle
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.