Word: reichsbanker
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...President of the Reichsbank came upon the scene with the haughty air of a Goliath, defying not only the Allied Powers but also his own Government (TIME...
...chairmanship of Owen D. Young, by a committee of bankers of whom Dr. Schacht was one. He signed the original Paris draft of the Plan, approved the articles establishing a $100,000,000 Bank for International Settlements (B. I. S.), and allowed everyone to assume that of course the Reichsbank would subscribe its allotted quota of the capital...
...suddenly, and in despite of the Socialist Government of German Prime Minister Hermann Müller, Dr. Schacht announced: first, that the Young Plan had been so tinkered that it is no longer the document he originally signed; second, that it would be "morally wrong" for the Reichsbank to associate itself with a plan so contrary to German interests, since it now sanctions France to act against the Fatherland in the event of German refusal to pay Reparations; and third, that Dr. Schacht, basing his stand as he said "on the highest moral grounds," would not as President...
...peculiar strength of Dr. Schacht lies in the fact that the President of the Reichsbank is chosen for the inordinately long term of ten years, and is answerable during that time neither to the Reichstag, the Prime Minister nor the President of the Republic. Stiff-necked Dr. Schacht was appointed in 1923. Thus his term will not be up until 1933. Paradoxically the Allied Powers, whom he was challenging last week, themselves insisted on this arrangement in 1924, when the Dawes Plan was adopted. They feared that if German politicians could depose the head of the Reichsbank they might...
However, Dr. Curtius had two bright ideas about how to deal with Dr. Schacht. First he proceeded to ignore him, assured the Allies that if the Reichsbank would not subscribe Germany's share of the B. I. S. capital, then the Prussian State Bank ("Preussische Staatsbank") and the Reichs-Kredit-Gesellschaft would. Secondly he ordered his legal experts to search through the traveling library of documents which all diplomatic delegations carry and find a way to oust the obstreperous Reichsbank President, if necessary. A good lawyer enjoys nothing so much as trying to find...