A what if from Oberon

[Oberon]

There seems to be a small explosion of 'What if'? topics lately (well, two or three ) so I thought I'd throw in my own ideas and thoughts and bounce them off you guys.
So...here's my what if?

What if Germany had not been forced to pay reperations at the end of the First World War?
Now, I know what some people would say and that's that by forcing Germany to pay reperations for the first ten years or so after 1918 (I know there were all sorts of deals made during the Weimar Republic which elleviated the reperation problem a bit [Dawes plan and the Young plan]) we broke the Germany economy and helped create the condictions for the rise of National Socialism in the early 1930s.
But the same destruction of the German economy shielded them partially from the Wall Street Crash in 1929 because by that time there was an eventual plan being put together by the government for economic recovery. It's a double edged sword.

So...do you think a Germany that was bloodied but ubowed and unshackled by forced reperations would have still had the condictions to create the rise of National Socialism? Or would it have gone the other way, with the KDP eventually forming a communist government?


(Any wierd distortions of Germany history by myself is the result of five years passing between now and me doing A level history on the Weimer Republic and the rise of Hitler )