Word: reichsbanker
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Dates: during 1930-1939
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...TIME, Aug. 13). This was their decorous way of hinting that the British Embassy in Berlin had better get busy. They had shipped £1,500,000 worth of yarn to Germany in all good faith. They had not been paid, as bland German importers pointed out that the Reichsbank had blocked all such transfers to conserve Germany's foreign exchange. What had the Embassy done about that...
...gentlemen of the British Foreign Office the Manchester mass meeting was, after all, only a gathering of persons in trade. Stiffly the Foreign Office reported that the Berlin Embassy had just obtained an agreement under which the Reichsbank would pass payments due on British goods imported into Germany after Aug. 20, 1934. This agreement did not cover the £1,500,000 already owing on yarn. Also it was "terminable without notice in the event of endangering the stability of the mark." In short. British diplomacy had let Lancashire down...
...cotton men passed a unanimous resolution, bound themselves to sell nothing more to Germany until their arrears are paid up and notified His Majesty's Government that their mills will stay closed indefinitely. Same day in Berlin that master bluffer of international finance. Dr. Hjalmar Schacht, President of the Reichsbank and newly created ''Economic and Financial Tsar," suddenly issued a manifesto to the effect that "Germany, if necessary, can dispense with all raw material imports." This presumably was the opening move of Dr. Schacht, who always starts from zero, in a game to jockey the British cotton men into consenting...
...thus her vital imports were more than paid for by the proceeds of her exports. While this lasted the Fatherland could be considered economically afloat, no matter how deeply Germany might mire herself in the morass of moratoriums declared by blunt, bluff Dr. Hjalmar Schacht, President of the Reichsbank...
...could get fresh credit?but she has scuttled her credit. There would be another way out if she could export foreign exchange or gold?but the gold cover behind German marks has fallen to less than 2% or "scarcely till money'' in the Reichsbank, which is frantically short of foreign exchange...