Word: reichsbanker
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Flustered Drs. Curtius and Moldenhaur -comparative novices at international negotiations-wired hastily for Germany's "Iron Man,'' stiff-necked Dr. Hjalmar Schacht, President of the Reichsbank...
...Schacht's arrival was immediately marked by a loud announcement that as Reichsbank head he would not support the establishment of a bank of International Settlements as planned. His chief reason : The Original Young Plan had been tampered with to the detriment of Germany. Then startlingly, after a series of meetings, the leading conferees, including the Germans, not only ignored Dr. Schacht's eruption as unofficial, but reached an agreement that any moratorium must be concluded before another is granted, that Germany would make payments on the fifteenth of each month as asked by the Allies...
...several days the wires hummed merrily about millions. Then suddenly jovial Dr. Hilferding was jerked up short by brusque Dr. Hjalmar Schacht, President of the Reichsbank. A watchman of Germany's cash drawer, Dr. Schacht barked that he would not O.K. the loan. Scareheads in the Berlin press screamed that Dr. Hilferding would have to resign because now his budget would not balance. There were predictions that the Cabinet was due to fall...
...Schacht, having upset the applecart, set about picking up the apples. Within 24 hours he announced that he (i.e., the Reichsbank) would supply the needed cash. The political neck of Optimist Hilferding seemed saved and the whole affair might have passed off as a teapot-tempest, except for the famed Berliner Tageblatt whose editor announced that he possessed the inside story, upset the apples again...
...Germany. He is a low tariff man, a quiet optimist, a vigorous advocate of more and still more loans from abroad, "loans which fertilize German industry as the waters of the Nile fertilize the parched soil of Egypt." As a "borrowing man" he enjoys the thoroughgoing contempt of Reichsbank President Dr. Hjalmar Schacht, always a "bear" on German futures, who constantly grumbles that the Fatherland has already borrowed far too much...