The Weimar Republic emerged from the November Revolution carried out by sailors, workers and soldiers and the subsequent abdication of Emperor Wilhelm II in 1918. For the first time in its history, a parliamentary democracy was established in Germany. The absence of a blocking clause allowed for extraordinary party fragmentation in parliament and the entry of anti-public, increasingly radical groups that had formed on the right and left sides of the political spectrum; constructive cooperation was almost impossible. The conditions of the Treaty of Versailles led to a momentous agitation of the political conservatives and right against the social democratic "fulfilment politicians", and the "dagger-blow legend" also met with great approval. Meanwhile Stresemann's policy of understanding slowly led Germany out of its international isolation; in 1926 Germany was accepted into the League of Nations on an equal footing. American loans made a relative economic stabilization of the republic possible. The fragility of the "Golden Twenties" and the political constitution of the young republic became evident in the world economic crisis of 1929. With the appointment of Adolf Hitler as Reich Chancellor by President Paul von Hindenburg on January 30, 1933, the Weimar Republic perished, and the National Socialists' "seizure of power" in Germany took its course.