Original sentence: Germany was suffering from hyperinflation of currency, and many of the Allied victors of World War I were having serious problems paying off huge war debts.The events in the United States triggered a world-wide depression, which led to deflation and a great increase in unemployment
Edited sentence: By then, since 1914, Britain, Europe and the United States had been implementing the most extreme interventionist global economic policies in history.However, economic data shows that the US Federal Reserve's monetary policy, except for very brief periods in 1929 and 1936-1937 when it turned mildly deflationist, was consistently and unremittingly inflationist in the 1920s and 1930s.It is widely believed that the events in the United States triggered a world-wide depression, which led to deflation and a great increase in unemployment.Many of the Allied victors of World War I were also having serious problems paying off huge war debts.Partly as a result of this, bad fiscal policy and also in part due to demands for reparations for World War I,  Germany was suffering from hyperinflation of currency.These policies, largely involving Britain and the US, were in dealing with the British Monetary Crisis