In chapter 11, To act now if we are to act at all (June 16 - Jun 27) the relative calm in Austria is followed by increasing concern about Germany which looses foreign exchange. The Bank of England, the New York Fed, the Banque de France and the Bank for International Settlements arranges a $100 million credit to the Reichsbank. Meanwhile,on June 20, US President Herbert Hoover announces his plan for a one year moratorium, which is received positively in most of Europe, but not in France. George Harrison assumes a more active role in trying to defuse the concern about a breakdown in Europe, and he enters into dialogue with the Banque de France, which is more open to a solution than the French government. The chapter ends with some optimism that the Hoover proposal may have changed the situation in Europe.

Chapter 8 examines the efforts of Stresemann to stabilize Germany’s republican system by coopting the support of influential special interest organizations like the National Federation of German Industry (RDI) and the National Rural League (RLB) in the hope that they can influence the DNVP to adopt a more responsible posture toward the existing system of government. The fact that the DNVP improved upon its performance in the May 1924 Reichstag elections in a new round of voting in December means that the DNVP can no longer be ignored as a potential coalition partner. The DNVP’s subsequent entry into the first Luther cabinet in January 1925 is to be seen as part of a larger stabilization strategy that also includes the election of retired war hero Paul von Hindenburg as Reich president in April 1925 and changes in the leadership of the RDI and RLB that reflect an increased willingness to work within the framework of the existing system of government.

Chapter 11 covers the period from the DNVP’s resignation from the first Luther cabinet in October 1925 to its reentry into the national government in January 1927. In particular, this chapter examines the deteriorating situation in the German countryside and increased pressure from organized agriculture for the DNVP to rejoin the national government in order to protect the domestic market against agricultural imports from abroad. Industry, too, had become frustrated with the DNVP’s absence in the national government and intensified its pressure on the party for a reassessment of its coalition strategy. But the patriotic Right – and particularly the Stahlhelm, which had fallen more and more under the influence of Theodor Duesterberg and the militantly anti-Weimar elements on its right wing – strongly resisted any move that might presage the DNVP’s return to the government. Shocked by the impressive showing of middle-class splinter parties in the Saxon state elections in late October 1926, the DNVP responded to overtures from the DVP and Center to explore the possibility of reorganizing the government and entered into negotiations that ended with its entry into the fourth Marx cabinet in January 1927.