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-President Harding dies. Calvin Coolidge takes office the next day. -Turkey becomes a republic under the leadership of Mustafa Kemal (later known as Mustafa Kemal Ataturk), who abolishes religious authority (the caliphate) and introduces many modern social reforms.
-John Maynard Keynes publishes his famous economic tome A Tract on Monetary Reform. -Ethiopia joins the League of Nations.
-In retaliation for German defaults on war reparations, French and Belgian armies take over the coal mines in Germany's Ruhr district. To pay the idled workers, encouraged -World War I Allies sign agreement in Paris to procure 1 billion dollars from Germany to pay U.S. for costs associated with its Army occupation. -The German mark becomes so inflated it is worth less than its paper. The German mark's value is 4 million marks to one U.S. dollar. With France's economy also endangered by the inflation, both nations begin to compromise on ways to operate the idled German coal mines central to the war reparations issue. -The German mark's value is four billion marks to less than one U.S. dollar.
-First issue of Time, the first weekly news magazine, is published by Henry Luce and Briton Hadden. -The first legal birth control clinic in the U.S., the Clinical Research Bureau opens in 1923 in New York City.
-New Hampshire poems by Robert Frost published; won Pulitzer Prize. -William Butler Yeats wins Nobel Prize for Literature.
-Harold Lloyd's classic comedy film Safety Last premieres.
-Jazz trumpeter Louis Armstrong, as part of King Oliver's Jazz Band, records his first sides for the Gennett Co., in Richmond, Ind., near Chicago
-Hungarian composer Bela Bartok premieres his ballet 'The Miraculous Mandarin'
-Professor Robert A. Millikan (U.S.), first to isolate and measure the electron and verify the photoelectric effect, wins Nobel Prize for physics. -G. Ramon in France develops a new tetanus vaccine. -Frederick G. Banting of Canada and John J.R. Macleod of the United Kingdom win the Nobel Prize for Physiology or Medicine for their discovery of insulin. -Aeroflot, the state airline of the USSR, is founded. -Scopolamine, previously used as a childbirth anesthetic, is found to act as a "truth" serum after tests on convicts at San Quentin Prison.
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