Translates as the "Populist Observer" - the official daily paper of the German Nazi Party previous to and during World War II. Originally published as the "Munich Observer," the name was changed in 1919 following a corporate buyout. It was published throughout the country in regional editions to be better absorbed by the people. While it became the offical state paper after the Nazi Party took power in 1933, it wasn't the only paper published - others were allowed to remain in business provided they didn't contradict or attempt to subvert the official party line.

The paper was blatantly anti-semitic (go figure) and used as a tool of the Nazi propaganda machine. It was an effective force, that's for certain - the rapid expansion of the socialist party increased their daily print run from 11,000 copies in 1919, to 336,500 copies in 1934, to 1,700,000 in 1944.

Printing of the paper ceased a few days before Germany's surrender at the end of the war.

Info taken from:
Google Translations
And the large stack of these things currently sitting on my desk.