Word: reichsbanker
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Dates: during 1930-1939
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Minister of Economics Walther Funk, pudgy successor to Hjalmar Horace Greeley Schacht as president of the Reichsbank, whose tough job it will be to step up German economy to meet its wartime needs...
...Mysterious (few people even knew his name), powerful, grasping, he began to formulate the financial policies of nations and to get fat. At one time he worked simultaneously for the German, Austrian, Czech, Polish, Hungarian, Yugoslav and Rumanian Central Banks. Twice he turned down the presidency of the German Reichsbank, the second time proposed Dr. Hjalmar Schacht in his place. Schacht got the job. He began to buy antiques-among them the valuable Eucharistic Dove stolen from Salzburg's Cathedral. He was too skeptical to have any truck with Ivar Kreuger or any private financier. His was the last...
...billion marks invested abroad. Although she imported more than she exported, income from this overseas capital and revenues from a merchant marine second only to England's were more than enough to make up the difference. To back a note circulation of 1,800,000,000 marks the Reichsbank held 1,370,000,000 marks in gold-double the coverage considered normal in 1914. Another two billion marks in gold currency were in circulation among the people. These liquid reserves made it easy for Germany to market her war bonds-and had she won there would never have been...
Schacht to Funk. Even before Hitler the Germans had been forced to experiment with foreign exchange control. With exports falling in 1933, Hjalmar Horace Greeley Schacht, head of the Nazified Reichsbank, first prohibited the transfer of interest on German foreign debts and then evolved a system of control boards to balance imports and exports. Out of these equilibrist schemes grew the blocked currency accounts and the barter devices, with the Germans paying foreign exporters in special marks good only for German goods at a price lower than the internal price level. Boycotts and currency difficulties kept lopping off chunks...
Recent replacement of Schacht by Dr. Funk as Reichsbank head has revived talk in U. S. newspapers of internal German inflation. Proponents of Nazi economic methods argue, however, that "inflation" is a word that has no meaning in relation to Nazi finance. The Nazis have, almost from the beginning, supplemented tax receipts by debt-creation" through forced loans. With the "secret" debt added to the acknowledged public debt of 40,000,000,000 marks, the total Government deficit may be as high as 54,000,000,000 marks. But prices #151;the popular measure of inflation- have not risen markedly...